Bit Digital (NASDAQ:BTBT) Given Buy Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Bit Digital (NASDAQ:BTBT) in a research report report published on Monday morning,Benzinga reports. HC Wainwright currently has a $7.00 price objective on the stock.

Separately, Craig Hallum initiated coverage on shares of Bit Digital in a report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 target price for the company.

Bit Digital Trading Up 5.5%

NASDAQ:BTBT opened at $2.51 on Monday. The stock has a fifty day simple moving average of $2.08 and a 200-day simple moving average of $3.02. The company has a market cap of $511.42 million, a price-to-earnings ratio of 41.83 and a beta of 5.25. Bit Digital has a twelve month low of $1.69 and a twelve month high of $5.74.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. As a group, equities research analysts predict that Bit Digital will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

A number of large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its stake in shares of Bit Digital by 427.6% during the fourth quarter. SG Americas Securities LLC now owns 219,520 shares of the company’s stock worth $643,000 after acquiring an additional 177,911 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Bit Digital by 90.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company’s stock worth $46,000 after acquiring an additional 7,395 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Bit Digital during the fourth quarter worth about $378,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Bit Digital during the fourth quarter worth about $39,000. Finally, MetLife Investment Management LLC grew its stake in shares of Bit Digital by 18.1% during the fourth quarter. MetLife Investment Management LLC now owns 82,357 shares of the company’s stock worth $241,000 after acquiring an additional 12,640 shares during the last quarter. 47.70% of the stock is currently owned by 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.