Noble Financial Reduces Earnings Estimates for Bit Digital

Bit Digital, Inc. (NASDAQ:BTBT) – Equities researchers at Noble Financial cut their FY2025 earnings estimates for shares of Bit Digital in a research note issued to investors on Monday, August 18th. Noble Financial analyst J. Gomes now anticipates that the company will post earnings of ($0.02) per share for the year, down from their previous estimate of $0.06. The consensus estimate for Bit Digital’s current full-year earnings is ($0.20) per share.

Several other brokerages have also commented on BTBT. Wall Street Zen upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 16th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Monday. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $6.33.

Bit Digital Stock Performance

Shares of NASDAQ BTBT opened at $2.76 on Wednesday. The firm has a market capitalization of $887.15 million, a P/E ratio of -8.90 and a beta of 4.90. Bit Digital has a one year low of $1.69 and a one year high of $5.74. The company’s fifty day moving average is $2.96 and its two-hundred day moving average is $2.56.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $25.66 million for the quarter, compared to analyst estimates of $27.46 million. Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%.

Insider Activity

In other Bit Digital news, Director Brock Jeffrey Pierce acquired 500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The shares were acquired at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the transaction, the director directly owned 500,000 shares of the company’s stock, valued at approximately $1,000,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Samir Tabar acquired 750,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The stock was acquired at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the transaction, the chief executive officer directly owned 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 disclosure for this purchase can be found here. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its stake in Bit Digital by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 33,753 shares of the company’s stock valued at $99,000 after purchasing an additional 11,107 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Bit Digital in the 4th quarter valued at about $46,000. Tower Research Capital LLC TRC raised its stake in Bit Digital by 90.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company’s stock valued at $46,000 after purchasing an additional 7,395 shares during the last quarter. MetLife Investment Management LLC raised its stake in Bit Digital by 18.1% in the 4th quarter. MetLife Investment Management LLC now owns 82,357 shares of the company’s stock valued at $241,000 after purchasing an additional 12,640 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Bit Digital in the 1st quarter valued at about $354,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.