HC Wainwright Reaffirms Buy Rating for Bit Digital (NASDAQ:BTBT)

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $7.00 price target on the stock. HC Wainwright’s target price would suggest a potential upside of 74.13% from the stock’s previous close.

Separately, B. Riley started coverage on Bit Digital in a report on Thursday, October 24th. They issued a “buy” rating and a $6.00 target price on the stock.

Bit Digital Trading Down 5.9 %

Bit Digital stock opened at $4.02 on Tuesday. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.74. The stock’s fifty day simple moving average is $3.65 and its 200-day simple moving average is $3.25. The firm has a market capitalization of $352.20 million, a P/E ratio of 16.75 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, topping 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%. Sell-side analysts predict that Bit Digital will post -0.06 earnings per share for the current year.

Hedge Funds Weigh In On Bit Digital

Several hedge funds have recently made changes to their positions in BTBT. Millennium Management LLC grew its holdings in shares of Bit Digital by 66.6% during the second quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after purchasing an additional 1,033,767 shares during the last quarter. Vident Advisory LLC grew its holdings in shares of Bit Digital by 79.6% during the first quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock worth $6,089,000 after purchasing an additional 940,161 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Bit Digital by 25.2% during the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock worth $17,259,000 after purchasing an additional 898,329 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Bit Digital during the second quarter worth about $2,126,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Bit Digital by 192.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after purchasing an additional 530,411 shares during the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

About Bit Digital

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.