Bit Digital’s (BTBT) Buy Rating Reiterated at HC Wainwright

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research report issued on Thursday,Benzinga reports. They currently have a $7.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 407.25% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Wall Street Zen downgraded shares of Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, Weiss Ratings lowered shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $6.00.

Bit Digital Stock Up 5.3%

Shares of Bit Digital stock opened at $1.38 on Thursday. The company has a fifty day moving average price of $1.72 and a 200 day moving average price of $2.42. The company has a current ratio of 6.39, a quick ratio of 17.53 and a debt-to-equity ratio of 0.13. Bit Digital has a twelve month low of $1.25 and a twelve month high of $4.55. The stock has a market cap of $450.68 million, a price-to-earnings ratio of -2.51 and a beta of 4.02.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Friday, March 27th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The company had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. Bit Digital had a negative net margin of 70.70% and a negative return on equity of 5.39%. Equities research analysts forecast that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Bit Digital

Hedge funds and other institutional investors have recently modified their holdings of the business. J. Derek Lewis & Associates Inc. purchased a new position in Bit Digital in the fourth quarter valued at about $578,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Bit Digital in the 4th quarter valued at approximately $273,000. Invesco Ltd. raised its position in shares of Bit Digital by 18.0% in the 4th quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock valued at $19,831,000 after purchasing an additional 1,604,011 shares in the last quarter. Vident Advisory LLC boosted its stake in shares of Bit Digital by 9.7% during the 4th quarter. Vident Advisory LLC now owns 1,229,756 shares of the company’s stock valued at $2,324,000 after buying an additional 108,387 shares during the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of Bit Digital by 75.4% during the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock worth $39,000 after buying an additional 8,630 shares in the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

About Bit Digital

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.