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

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reissued by HC Wainwright in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $4.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 143.90% from the company’s current price.

Other analysts have also issued research reports about the stock. Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. B. Riley Financial reaffirmed a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Bit Digital in a research note on Thursday, August 13th. Finally, Craig Hallum reiterated a “buy” rating and set a $3.50 price target on shares of Bit Digital in a research report on Tuesday, July 14th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $4.38.

Bit Digital Stock Performance

Bit Digital stock opened at $1.64 on Tuesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.51 and a current ratio of 1.51. The stock has a market cap of $591.43 million, a PE ratio of -1.55 and a beta of 3.97. The stock has a 50-day moving average of $1.51 and a two-hundred day moving average of $1.65. Bit Digital has a one year low of $1.18 and a one year high of $4.55.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). The firm 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%. On average, research analysts anticipate that Bit Digital will post -0.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BTBT. American Century Companies Inc. raised its holdings in shares of Bit Digital by 2.4% during the second quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock valued at $402,000 after acquiring an additional 4,374 shares during the last quarter. Legal & General Group Plc grew its stake in Bit Digital by 60.2% during the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after acquiring an additional 6,206 shares in the last quarter. Mackenzie Financial Corp grew its stake in Bit Digital by 75.4% during 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 in the last quarter. BNP Paribas Financial Markets raised its holdings 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 acquiring an additional 9,946 shares during the last quarter. Finally, Swiss National Bank lifted its stake in Bit Digital by 1.7% in the 4th quarter. Swiss National Bank now owns 630,200 shares of the company’s stock worth $1,191,000 after purchasing an additional 10,500 shares in 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.