Bit Digital’s (BTBT) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Bit Digital (NASDAQ:BTBT) in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a $7.00 price objective on the stock.

Bit Digital Trading Down 15.3%

Shares of NASDAQ:BTBT opened at $1.99 on Thursday. The company has a market capitalization of $414.97 million, a price-to-earnings ratio of -4.23 and a beta of 5.36. Bit Digital has a 12-month low of $1.69 and a 12-month high of $5.74. The business has a 50-day moving average price of $2.29 and a 200 day moving average price of $2.67.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. The business had revenue of $25.11 million for the quarter, compared to the consensus estimate of $26.38 million. As a group, equities research analysts predict that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Bit Digital

In other Bit Digital news, CEO Samir Tabar bought 750,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 25th. The shares were purchased at an average cost of $2.00 per share, with a total value of $1,500,000.00. Following the purchase, the chief executive officer now directly owns 2,108,089 shares in the company, valued at approximately $4,216,178. This represents a 55.22% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bit Digital

Several institutional investors have recently modified their holdings of BTBT. Vident Advisory LLC increased its holdings in Bit Digital by 56.2% during the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock worth $9,360,000 after purchasing an additional 1,149,727 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Bit Digital by 116.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company’s stock worth $5,127,000 after buying an additional 943,214 shares during the period. Millennium Management LLC increased its stake in shares of Bit Digital by 62.6% during the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after buying an additional 899,967 shares during the period. Uniplan Investment Counsel Inc. raised its holdings in Bit Digital by 203.8% in the first quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company’s stock valued at $2,200,000 after acquiring an additional 730,766 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in Bit Digital in the fourth quarter worth approximately $887,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.