Analysts Set Expectations for Bit Digital FY2024 Earnings

Bit Digital, Inc. (NASDAQ:BTBT) – Equities researchers at Noble Financial issued their FY2024 earnings estimates for shares of Bit Digital in a research report issued to clients and investors on Wednesday, October 16th. Noble Financial analyst J. Gomes anticipates that the company will earn $0.01 per share for the year. The consensus estimate for Bit Digital’s current full-year earnings is ($0.02) per share. Noble Financial also issued estimates for Bit Digital’s Q4 2024 earnings at $0.05 EPS.

Separately, HC Wainwright upped their target price on shares of Bit Digital from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday.

Bit Digital Price Performance

NASDAQ:BTBT opened at $4.05 on Friday. The stock has a market cap of $334.06 million, a P/E ratio of 13.50 and a beta of 4.79. Bit Digital has a one year low of $1.76 and a one year high of $5.27. The company has a fifty day moving average price of $3.22 and a 200 day moving average price of $2.94.

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

Institutional Investors Weigh In On Bit Digital

A number of institutional investors have recently added to or reduced their stakes in the stock. Creative Planning bought a new stake in shares of Bit Digital in the 3rd quarter valued at approximately $37,000. Bleakley Financial Group LLC bought a new stake in shares of Bit Digital in the 1st quarter valued at approximately $33,000. Thoroughbred Financial Services LLC bought a new stake in shares of Bit Digital in the 2nd quarter valued at approximately $38,000. Victory Capital Management Inc. grew its stake in shares of Bit Digital by 39.3% in the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock valued at $49,000 after purchasing an additional 4,380 shares during the period. Finally, Sei Investments Co. bought a new stake in shares of Bit Digital in the 2nd quarter valued at approximately $51,000. 47.70% of the stock is owned by institutional investors and hedge funds.

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.