Bit Digital (NASDAQ:BTBT) Announces Earnings Results

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

Bit Digital Trading Down 9.0%

NASDAQ BTBT opened at $1.31 on Friday. The firm’s fifty day simple moving average is $1.78 and its two-hundred day simple moving average is $2.45. The firm has a market capitalization of $424.01 million, a P/E ratio of 3.12 and a beta of 4.00. Bit Digital has a 12-month low of $1.29 and a 12-month high of $4.55.

Wall Street Analyst Weigh In

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

Institutional Trading of Bit Digital

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Bit Digital by 549.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after buying an additional 6,201,477 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in Bit Digital in the second quarter valued at about $10,385,000. Renaissance Technologies LLC acquired a new stake in Bit Digital in the fourth quarter worth about $6,476,000. State Street Corp boosted its holdings in Bit Digital by 40.3% in the fourth quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after acquiring an additional 3,307,076 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Bit Digital by 42.2% during the third quarter. Invesco Ltd. now owns 8,888,669 shares of the company’s stock worth $26,666,000 after acquiring an additional 2,638,003 shares during the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.