B. Riley Financial Lowers Bit Digital (NASDAQ:BTBT) Price Target to $5.00

Bit Digital (NASDAQ:BTBT) had its price objective lowered by equities research analysts at B. Riley Financial from $6.00 to $5.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial’s target price points to a potential upside of 264.96% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Weiss Ratings lowered shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research note on Thursday. Finally, Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Bit Digital currently has a consensus rating of “Hold” and a consensus target price of $5.67.

Bit Digital Stock Performance

NASDAQ BTBT opened at $1.37 on Thursday. The business’s 50-day moving average price is $1.69 and its 200 day moving average price is $2.40. Bit Digital has a twelve month low of $1.25 and a twelve month high of $4.55. The company has a market capitalization of $447.41 million, a PE ratio of -2.49 and a beta of 4.02. The company has a current ratio of 6.39, a quick ratio of 17.53 and a debt-to-equity ratio of 0.13.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Friday, March 27th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The business had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. Bit Digital had a negative net margin of 70.70% and a negative return on equity of 5.39%. On average, research analysts predict that Bit Digital will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Walleye Trading LLC purchased a new stake in Bit Digital during the second quarter worth approximately $25,000. Cerity Partners LLC purchased a new position in shares of Bit Digital in the 4th quarter valued at $26,000. nVerses Capital LLC purchased a new position in shares of Bit Digital in the 4th quarter valued at $26,000. Marathon Capital Management acquired a new position in shares of Bit Digital during the 4th quarter valued at $28,000. Finally, E6 Portfolios LLC purchased a new stake in Bit Digital during the 4th quarter worth $28,000. Hedge funds and other 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.