FY2024 EPS Estimates for Bit Digital Reduced by Analyst

Bit Digital, Inc. (NASDAQ:BTBT) – Stock analysts at HC Wainwright cut their FY2024 earnings per share (EPS) estimates for shares of Bit Digital in a research report issued to clients and investors on Tuesday, November 19th. HC Wainwright analyst K. Dede now forecasts that the company will earn ($0.25) per share for the year, down from their previous forecast of ($0.10). HC Wainwright has a “Buy” rating and a $7.00 price target on the stock. The consensus estimate for Bit Digital’s current full-year earnings is ($0.06) per share. HC Wainwright also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.07) EPS and FY2025 earnings at ($0.28) EPS.

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

Bit Digital Stock Performance

NASDAQ BTBT opened at $4.00 on Thursday. Bit Digital has a fifty-two week low of $1.76 and a fifty-two week high of $5.74. The stock has a market cap of $332.41 million, a P/E ratio of 66.58 and a beta of 4.79. The stock has a 50 day simple moving average of $3.72 and a two-hundred day simple moving average of $3.27.

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, topping the consensus estimate of ($0.03) by $0.02. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The business had revenue of $28.95 million during the quarter, compared to analysts’ expectations of $26.63 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its stake in shares of Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after buying an additional 1,033,767 shares during the last quarter. Van ECK Associates Corp raised its holdings in Bit Digital by 25.2% during the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock valued at $17,259,000 after acquiring an additional 898,329 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Bit Digital in the second quarter worth about $2,126,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Bit Digital by 192.0% in 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. Finally, Segall Bryant & Hamill LLC bought a new stake in Bit Digital during the third quarter worth approximately $1,222,000. 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.