FY2024 EPS Estimates for Bit Digital Reduced by Analyst

Bit Digital, Inc. (NASDAQ:BTBT) – Research analysts at Northland Capmk decreased their FY2024 earnings per share (EPS) estimates for shares of Bit Digital in a note issued to investors on Monday, November 18th. Northland Capmk analyst M. Grondahl now anticipates that the company will earn ($0.19) per share for the year, down from their previous forecast of ($0.06). The consensus estimate for Bit Digital’s current full-year earnings is ($0.06) per share. Northland Capmk also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.02) EPS.

Several other research analysts have also commented on BTBT. B. Riley initiated coverage on Bit Digital in a research report on Thursday, October 24th. They set a “buy” rating and a $6.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Tuesday.

Bit Digital Stock Up 11.3 %

NASDAQ:BTBT opened at $4.44 on Thursday. The stock’s fifty day moving average is $3.76 and its two-hundred day moving average is $3.29. Bit Digital has a 52 week low of $1.76 and a 52 week high of $5.74. The company has a market capitalization of $332.41 million, a P/E ratio of 74.00 and a beta of 4.79.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Crescent Grove Advisors LLC acquired a new stake in Bit Digital during the third quarter worth approximately $35,000. Creative Planning purchased a new position in shares of Bit Digital in the 3rd quarter worth about $37,000. Thoroughbred Financial Services LLC purchased a new stake in Bit Digital during the second quarter worth approximately $38,000. Stifel Financial Corp acquired a new stake in Bit Digital in the 3rd quarter valued at $38,000. Finally, Victory Capital Management Inc. raised its holdings in shares of Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock valued at $49,000 after buying an additional 4,380 shares during the period. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.