Bit Digital, Inc. (NASDAQ:BTBT) Receives Average Rating of “Hold” from Brokerages

Bit Digital, Inc. (NASDAQ:BTBT) has earned a consensus recommendation of “Hold” from the five research firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $5.1250.

Several research analysts have recently commented on the stock. Craig Hallum reaffirmed a “buy” rating and issued a $3.50 price target on shares of Bit Digital in a report on Tuesday, July 14th. Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Weiss Ratings lowered shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Finally, B. Riley Financial reissued a “buy” rating on shares of Bit Digital in a report on Monday, May 18th.

Bit Digital Stock Performance

BTBT stock opened at $1.38 on Friday. The stock’s 50 day simple moving average is $1.69 and its 200 day simple moving average is $1.71. Bit Digital has a 12-month low of $1.18 and a 12-month high of $4.55. The firm has a market cap of $481.88 million, a P/E ratio of -2.03 and a beta of 4.02. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). The business had revenue of $27.92 million during the quarter, compared to analyst estimates of $25.73 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%. As a group, equities research analysts predict that Bit Digital will post -0.55 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

Several institutional investors have recently modified their holdings of the company. AQR Capital Management LLC increased its position in Bit Digital by 815.3% in the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock valued at $409,000 after acquiring an additional 180,509 shares during the period. Millennium Management LLC boosted its position in Bit Digital by 62.6% during the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after acquiring an additional 899,967 shares during the period. JPMorgan Chase & Co. boosted its position in Bit Digital by 304.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company’s stock worth $637,000 after acquiring an additional 218,789 shares during the period. Legal & General Group Plc boosted its position in Bit Digital by 60.2% during the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock worth $36,000 after acquiring an additional 6,206 shares during the period. Finally, Rhumbline Advisers grew its stake in shares of Bit Digital by 62.4% in the second quarter. Rhumbline Advisers now owns 258,938 shares of the company’s stock worth $567,000 after purchasing an additional 99,490 shares in the last quarter. Institutional investors own 47.70% of the company’s stock.

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.