HC Wainwright Forecasts Reduced Earnings for Bit Digital

Bit Digital, Inc. (NASDAQ:BTBT) – Equities researchers at HC Wainwright cut their Q3 2024 earnings estimates for shares of Bit Digital in a research note issued to investors on Wednesday, October 16th. HC Wainwright analyst K. Dede now anticipates that the company will post earnings of ($0.04) per share for the quarter, down from their previous estimate of $0.01. HC Wainwright currently has a “Buy” rating and a $7.00 price objective on the stock. The consensus estimate for Bit Digital’s current full-year earnings is ($0.02) per share. HC Wainwright also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.05) EPS, FY2024 earnings at ($0.10) EPS and FY2025 earnings at ($0.21) EPS.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Monday, August 19th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $28.95 million for the quarter, compared to analyst estimates of $26.63 million. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%.

Bit Digital Trading Down 0.3 %

NASDAQ:BTBT opened at $3.88 on Friday. The firm has a market cap of $320.03 million, a price-to-earnings ratio of 12.93 and a beta of 4.79. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.27. The company’s 50-day moving average is $3.20 and its two-hundred day moving average is $2.93.

Hedge Funds Weigh In On Bit Digital

Institutional investors and hedge funds have recently modified their holdings of the company. Nomura Holdings Inc. purchased a new stake in Bit Digital in the 4th quarter worth approximately $1,583,000. Van ECK Associates Corp increased its stake in Bit Digital by 133.9% in the first quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock valued at $14,351,000 after purchasing an additional 2,862,309 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Bit Digital by 9.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company’s stock valued at $5,483,000 after acquiring an additional 165,044 shares during the last quarter. Bleakley Financial Group LLC acquired a new position in Bit Digital during the first quarter worth approximately $33,000. Finally, Vident Advisory LLC increased its holdings in shares of Bit Digital by 79.6% during the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock worth $6,089,000 after buying an additional 940,161 shares during the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Company Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.