Bit Digital (NASDAQ:BTBT) Price Target Raised to $6.00 at HC Wainwright

Bit Digital (NASDAQ:BTBT) had its price objective hoisted by HC Wainwright from $5.00 to $6.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 88.68% from the stock’s previous close.

Bit Digital Trading Down 5.1 %

NASDAQ:BTBT opened at $3.18 on Monday. The stock has a fifty day moving average price of $2.52 and a 200 day moving average price of $2.72. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.27. The firm has a market cap of $262.29 million, a PE ratio of 10.60 and a beta of 4.90.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. The business had revenue of $30.29 million during the quarter, compared to the consensus estimate of $25.61 million. Bit Digital had a return on equity of 0.30% and a net margin of 57.44%. Equities analysts forecast that Bit Digital will post 0.03 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently modified their holdings of the company. Invesco Ltd. lifted its holdings in Bit Digital by 3,163.5% during the 3rd quarter. Invesco Ltd. now owns 5,661,083 shares of the company’s stock worth $12,115,000 after buying an additional 5,487,615 shares during the last quarter. Van ECK Associates Corp boosted its holdings 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 in the last quarter. Vident Advisory LLC increased its stake in Bit Digital by 79.6% in the first quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock valued at $6,089,000 after purchasing an additional 940,161 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Bit Digital by 9.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company’s stock worth $5,483,000 after purchasing an additional 165,044 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in shares of Bit Digital by 21.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,061,395 shares of the company’s stock worth $4,490,000 after buying an additional 185,560 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, 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.