Northland Capmk Forecasts Lower Earnings for Bit Digital

Bit Digital, Inc. (NASDAQ:BTBT) – Stock analysts at Northland Capmk cut their Q4 2024 earnings estimates for shares of Bit Digital in a research note issued to investors on Wednesday, October 16th. Northland Capmk analyst M. Grondahl now anticipates that the company will post earnings of $0.00 per share for the quarter, down from their previous estimate of $0.01. The consensus estimate for Bit Digital’s current full-year earnings is ($0.02) per share. Northland Capmk also issued estimates for Bit Digital’s Q1 2025 earnings at $0.00 EPS.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $28.95 million for the quarter, compared to analyst estimates of $26.63 million. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%.

Separately, HC Wainwright upped their price objective on Bit Digital from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th.

Bit Digital Trading Up 4.4 %

NASDAQ BTBT opened at $4.05 on Monday. The stock has a market capitalization of $334.06 million, a price-to-earnings ratio of 13.50 and a beta of 4.79. The business’s 50 day moving average is $3.22 and its two-hundred day moving average is $2.94. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.27.

Institutional Trading of Bit Digital

A number of institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its stake in shares of Bit Digital by 133.9% during the 1st quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock worth $14,351,000 after acquiring an additional 2,862,309 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position 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. Bleakley Financial Group LLC acquired a new stake in Bit Digital in the first quarter valued at $33,000. Vident Advisory LLC grew its holdings 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. Finally, PEAK6 Investments LLC purchased a new position in shares of Bit Digital in the first quarter valued at $214,000. Hedge funds and other institutional investors 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.