Bit Digital, Inc. (NASDAQ:BTBT) Stock Has Consensus Target Price of $4.38

Shares of Bit Digital, Inc. (NASDAQ:BTBT) have been assigned a consensus rating of “Moderate Buy” from the seven ratings firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $4.38.

BTBT has been the topic of several research reports. Craig Hallum reaffirmed a “buy” rating and set a $3.50 price objective on shares of Bit Digital in a report on Tuesday, July 14th. HC Wainwright assumed coverage on Bit Digital in a research note on Tuesday, September 8th. They issued a “buy” rating and a $4.00 target price for the company. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bit Digital in a research note on Thursday, August 13th. Finally, JonesTrading upgraded Bit Digital to a “strong-buy” rating in a report on Saturday, September 26th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. E6 Portfolios LLC acquired a new position in shares of Bit Digital in the 4th quarter valued at $28,000. CI Investments Inc. increased its position in shares of Bit Digital by 33.6% in the 1st quarter. CI Investments Inc. now owns 69,884 shares of the company’s stock valued at $92,000 after buying an additional 17,585 shares in the last quarter. Byrne Asset Management LLC raised its stake in Bit Digital by 25.0% during the 2nd quarter. Byrne Asset Management LLC now owns 107,100 shares of the company’s stock worth $193,000 after buying an additional 21,400 shares during the period. AXQ Capital LP raised its stake in Bit Digital by 60.6% during the 2nd quarter. AXQ Capital LP now owns 61,953 shares of the company’s stock worth $112,000 after buying an additional 23,378 shares during the period. Finally, Simplify Asset Management Inc. bought a new position in Bit Digital during the first quarter worth about $31,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Bit Digital Trading Down 0.6%

Shares of NASDAQ BTBT opened at $1.62 on Friday. Bit Digital has a 1-year low of $1.18 and a 1-year high of $4.55. The company has a market cap of $584.22 million, a PE ratio of -1.53 and a beta of 3.83. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69. The company has a 50-day moving average of $1.52 and a two-hundred day moving average of $1.64.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Thursday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). The company had revenue of $32.11 million for the quarter, compared to analyst estimates of $23.58 million. Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%. As a group, equities analysts expect that Bit Digital will post -0.19 earnings per share for the current fiscal year.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ:BTBT) is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.

In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.

Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.