Bit Digital (NASDAQ:BTBT) Given Buy Rating at HC Wainwright

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 72.84% from the company’s previous close.

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

Bit Digital Trading Up 0.5 %

Shares of BTBT stock opened at $4.05 on Tuesday. The company has a market cap of $334.04 million, a price-to-earnings ratio of 67.50 and a beta of 4.79. The stock has a 50 day simple moving average of $3.70 and a 200-day simple moving average of $3.27. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.74.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. The firm had revenue of $28.95 million during the quarter, compared to the consensus estimate of $26.63 million. On average, equities analysts forecast that Bit Digital will post -0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Crescent Grove Advisors LLC purchased a new position in Bit Digital in the third quarter valued at about $35,000. Creative Planning purchased a new stake in shares of Bit Digital during the third quarter worth about $37,000. Stifel Financial Corp purchased a new stake in shares of Bit Digital during the third quarter worth about $38,000. Thoroughbred Financial Services LLC purchased a new stake in shares of Bit Digital during the second quarter worth about $38,000. Finally, Victory Capital Management Inc. increased its position in shares of Bit Digital by 39.3% during the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after acquiring an additional 4,380 shares during the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.