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 sent to investors on Monday morning,Benzinga reports. They currently have a $7.00 target price on the stock.

Separately, Wall Street Zen raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Saturday.

Bit Digital Price Performance

BTBT opened at $2.94 on Monday. Bit Digital has a fifty-two week low of $1.69 and a fifty-two week high of $5.74. The firm has a market capitalization of $940.68 million, a price-to-earnings ratio of -9.48 and a beta of 4.90. The company’s 50 day moving average price is $2.95 and its two-hundred day moving average price is $2.56.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). Bit Digital had a negative net margin of 52.86% and a negative return on equity of 11.39%. The firm had revenue of $25.66 million for the quarter, compared to analyst estimates of $27.46 million. As a group, equities research analysts predict that Bit Digital will post -0.2 EPS for the current year.

Insiders Place Their Bets

In other news, Director Brock Jeffrey Pierce acquired 500,000 shares of Bit Digital stock in a transaction dated Wednesday, June 25th. The shares were bought at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the purchase, the director owned 500,000 shares in the company, valued at $1,000,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Samir Tabar acquired 750,000 shares of Bit Digital stock in a transaction dated Wednesday, June 25th. The stock was purchased at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the purchase, the chief executive officer owned 2,108,089 shares in the company, valued at approximately $4,216,178. The trade was a 55.22% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors have recently modified their holdings of BTBT. Cerity Partners LLC acquired a new position in shares of Bit Digital during the 1st quarter valued at $25,000. Walleye Trading LLC acquired a new position in shares of Bit Digital during the 2nd quarter valued at $25,000. Advance Capital Management Inc. acquired a new position in shares of Bit Digital during the 1st quarter valued at $31,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Bit Digital by 2,892.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company’s stock valued at $31,000 after acquiring an additional 14,692 shares during the period. Finally, Plancorp LLC lifted its position in shares of Bit Digital by 34.8% during the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company’s stock valued at $34,000 after acquiring an additional 4,000 shares during the period. 47.70% of the stock is owned by institutional investors.

About Bit Digital

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.