Bit Digital (NASDAQ:BTBT) Coverage Initiated by Analysts at B. Riley

B. Riley began coverage on shares of Bit Digital (NASDAQ:BTBT) in a research note released on Thursday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $6.00 target price on the stock.

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

Bit Digital Trading Down 1.8 %

Shares of Bit Digital stock opened at $3.93 on Thursday. The business’s 50-day moving average price is $3.32 and its 200-day moving average price is $3.00. The firm has a market capitalization of $324.16 million, a PE ratio of 13.10 and a beta of 4.79. Bit Digital has a 12 month low of $1.76 and a 12 month high of $5.27.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Monday, August 19th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $28.95 million for 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%. As a group, analysts predict that Bit Digital will post -0.02 earnings per share for the current fiscal year.

Institutional Trading of Bit Digital

A number of institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp increased its stake in shares of Bit Digital by 133.9% in the first quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock worth $14,351,000 after buying an additional 2,862,309 shares during the period. Millennium Management LLC grew its holdings in 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 acquiring an additional 1,033,767 shares during the last quarter. Vident Advisory LLC grew its holdings in Bit Digital by 79.6% in the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock worth $6,089,000 after acquiring an additional 940,161 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Bit Digital by 9.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company’s stock valued at $5,483,000 after acquiring an additional 165,044 shares during the period. Finally, Squarepoint Ops LLC bought a new position in shares of Bit Digital during the second quarter valued at about $2,126,000. 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.