Bit Digital (NASDAQ:BTBT) Announces Earnings Results, Misses Estimates By $0.02 EPS

Bit Digital (NASDAQ:BTBT) issued its quarterly earnings results on Friday. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02), Zacks reports. The firm had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%.

Bit Digital Trading Down 9.0%

Bit Digital stock opened at $1.31 on Friday. Bit Digital has a 1 year low of $1.29 and a 1 year high of $4.55. The firm has a market capitalization of $424.01 million, a P/E ratio of 3.12 and a beta of 4.00. The business has a 50-day moving average of $1.78 and a 200-day moving average of $2.45.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in BTBT. American Century Companies Inc. raised its position in Bit Digital by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock valued at $402,000 after buying an additional 4,374 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Bit Digital by 60.2% in the second quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after buying an additional 6,206 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of Bit Digital by 75.4% in the 4th quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after acquiring an additional 8,630 shares during the period. BNP Paribas Financial Markets lifted its stake in Bit Digital by 99.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 19,992 shares of the company’s stock valued at $44,000 after purchasing an additional 9,946 shares during the last quarter. Finally, Swiss National Bank raised its stake in Bit Digital by 1.7% in the fourth quarter. Swiss National Bank now owns 630,200 shares of the company’s stock valued at $1,191,000 after buying an additional 10,500 shares during the period. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BTBT has been the subject of several analyst reports. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research report on Monday, December 29th. Finally, Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Bit Digital presently has a consensus rating of “Hold” and an average target price of $6.00.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.