Bit Digital (NASDAQ:BTBT) PT Raised to $7.00

Bit Digital (NASDAQ:BTBT) had its price target boosted by HC Wainwright from $6.00 to $7.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 80.41% from the company’s previous close.

Bit Digital Stock Performance

Bit Digital stock opened at $3.88 on Wednesday. The company has a market cap of $320.03 million, a P/E ratio of 12.93 and a beta of 4.79. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.27. The firm’s 50-day moving average is $3.20 and its 200-day moving average is $2.93.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. The company had revenue of $28.95 million during the quarter, compared to analysts’ expectations of $26.63 million. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. As a group, sell-side analysts predict that Bit Digital will post -0.02 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. lifted its position in Bit Digital by 39.3% in the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after buying an additional 4,380 shares in the last quarter. Creative Planning bought a new stake in Bit Digital in the 3rd quarter valued at $37,000. Bleakley Financial Group LLC acquired a new stake in shares of Bit Digital during the 1st quarter worth approximately $33,000. Thoroughbred Financial Services LLC acquired a new position in Bit Digital in the second quarter worth about $38,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Bit Digital by 42.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company’s stock worth $141,000 after buying an additional 13,170 shares during the period. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.