Bit Digital (NASDAQ:BTBT) Issues Quarterly Earnings Results

Bit Digital (NASDAQ:BTBT) released its quarterly earnings results on Friday. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02), Zacks reports. The business had revenue of $32.34 million for the quarter, compared to the consensus estimate of $31.87 million. Bit Digital had a negative return on equity of 7.11% and a net margin of 127.61%.

Bit Digital Stock Performance

Shares of NASDAQ:BTBT opened at $1.31 on Friday. Bit Digital has a 52-week low of $1.29 and a 52-week high of $4.55. The business’s 50 day simple moving average is $1.78 and its two-hundred day simple moving average is $2.45. The firm has a market cap of $424.01 million, a P/E ratio of 3.12 and a beta of 4.00.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BTBT shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bit Digital in a report on Monday, December 29th. Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $6.00.

Institutional Investors Weigh In On Bit Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Walleye Trading LLC bought a new stake in Bit Digital during the second quarter worth $25,000. nVerses Capital LLC bought a new position in Bit Digital during the fourth quarter valued at about $26,000. Cerity Partners LLC purchased a new stake in Bit Digital during the fourth quarter worth about $26,000. Mackenzie Financial Corp purchased a new position in Bit Digital in the third quarter valued at about $34,000. Finally, WINTON GROUP Ltd bought a new position in shares of Bit Digital during the 3rd quarter valued at approximately $35,000. 47.70% of the stock is owned by institutional investors.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.