Bit Digital (NASDAQ:BTBT) Releases Quarterly Earnings Results

Bit Digital (NASDAQ:BTBT) issued its quarterly earnings results on Friday. The company reported ($0.05) earnings per share for the quarter, Zacks reports. Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%.

Bit Digital Stock Performance

Shares of BTBT stock traded down $0.11 on Friday, reaching $2.41. The stock had a trading volume of 29,501,334 shares, compared to its average volume of 40,788,540. The stock has a market cap of $776.36 million, a P/E ratio of -7.77 and a beta of 4.79. Bit Digital has a 1 year low of $1.69 and a 1 year high of $5.20. The company has a 50 day simple moving average of $3.36 and a 200 day simple moving average of $2.93.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. HC Wainwright reiterated a “buy” rating on shares of Bit Digital in a research note on Wednesday, October 29th. Weiss Ratings restated a “sell (d)” rating on shares of Bit Digital in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $6.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Legal & General Group Plc lifted its stake in shares of Bit Digital by 1,732.7% in the 3rd quarter. Legal & General Group Plc now owns 302,546 shares of the company’s stock worth $907,000 after purchasing an additional 286,038 shares during the period. Mackenzie Financial Corp bought a new stake in Bit Digital during the third quarter valued at approximately $34,000. WINTON GROUP Ltd purchased a new stake in Bit Digital during the third quarter valued at approximately $35,000. Barclays PLC raised its position in Bit Digital by 28.8% in the third quarter. Barclays PLC now owns 906,483 shares of the company’s stock worth $2,719,000 after acquiring an additional 202,483 shares during the period. Finally, Victory Capital Management Inc. raised its position in Bit Digital by 46.1% in the third quarter. Victory Capital Management Inc. now owns 35,540 shares of the company’s stock worth $107,000 after acquiring an additional 11,215 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.