HC Wainwright Has Lowered Expectations for Bit Digital (NASDAQ:BTBT) Stock Price

Bit Digital (NASDAQ:BTBT) had its target price decreased by investment analysts at HC Wainwright from $4.00 to $3.50 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright‘s price objective suggests a potential upside of 336.95% from the company’s current price.

A number of other analysts have also recently weighed in on BTBT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bit Digital in a research report on Wednesday. JonesTrading upgraded Bit Digital to a “strong-buy” rating in a research report on Saturday, September 26th. UBS Group upgraded Bit Digital to a “buy” rating in a research note on Monday, September 28th. Finally, Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $4.25.

Bit Digital Stock Performance

BTBT traded up $0.01 on Thursday, hitting $0.80. 8,267,154 shares of the company’s stock were exchanged, compared to its average volume of 25,762,951. The firm has a market cap of $288.87 million, a PE ratio of -0.76 and a beta of 3.54. Bit Digital has a twelve month low of $0.69 and a twelve month high of $2.79. The stock has a fifty day moving average of $1.28 and a two-hundred day moving average of $1.57. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Thursday, November 12th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.13. Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%. The company had revenue of $27.07 million during the quarter, compared to the consensus estimate of $32.21 million. On average, research analysts anticipate that Bit Digital will post -0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Several large investors have recently made changes to their positions in BTBT. Allspring Global Investments Holdings LLC raised its holdings in shares of Bit Digital by 10.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 8,825,810 shares of the company’s stock valued at $14,298,000 after buying an additional 838,265 shares during the last quarter. Renaissance Technologies LLC increased its position in Bit Digital by 114.8% in the 1st quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock valued at $9,641,000 after acquiring an additional 3,932,900 shares during the period. Tidal Investments LLC increased its position in Bit Digital by 186.8% in the 2nd quarter. Tidal Investments LLC now owns 1,758,186 shares of the company’s stock valued at $3,165,000 after acquiring an additional 1,145,092 shares during the period. Lazard Asset Management LLC raised its stake in Bit Digital by 30.6% during the 1st quarter. Lazard Asset Management LLC now owns 1,780,543 shares of the company’s stock valued at $2,333,000 after acquiring an additional 417,501 shares in the last quarter. Finally, Compass Financial Management LLC bought a new stake in Bit Digital during the 3rd quarter valued at $1,632,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

About Bit Digital

Bit Digital, Inc. is a digital-asset and infrastructure company whose activities include Bitcoin mining, Ethereum staking and computing services for artificial intelligence workloads. Its operations have expanded beyond cryptocurrency mining as it develops data-center capacity and related infrastructure for high-performance computing. The company has conducted Bitcoin mining operations in North America and participates in Ethereum staking, which involves supporting the network and earning rewards for validating transactions.