HC Wainwright Reiterates Buy Rating for Bit Digital (NASDAQ:BTBT)

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research note issued to investors on Thursday,Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 410.95% from the stock’s previous close.

BTBT has been the topic of several other research reports. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Weiss Ratings lowered shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday. Finally, Wall Street Zen downgraded shares of Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.67.

Bit Digital Price Performance

Shares of Bit Digital stock opened at $1.37 on Thursday. The firm has a market cap of $447.41 million, a P/E ratio of -2.49 and a beta of 4.02. The firm’s 50-day simple moving average is $1.69 and its 200-day simple moving average 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 debt-to-equity ratio of 0.13, a quick ratio of 17.53 and a current ratio of 6.39.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. AQR Capital Management LLC raised its stake in shares of Bit Digital by 815.3% during the first quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock worth $409,000 after buying an additional 180,509 shares during the last quarter. Millennium Management LLC boosted its stake in Bit Digital by 62.6% in the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock valued at $4,721,000 after acquiring an additional 899,967 shares during the last quarter. Geode Capital Management LLC boosted its stake in Bit Digital by 24.2% in the second quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company’s stock valued at $7,853,000 after acquiring an additional 699,134 shares during the last quarter. Creative Planning grew its holdings in Bit Digital by 29.3% during the 2nd quarter. Creative Planning now owns 273,028 shares of the company’s stock worth $598,000 after acquiring an additional 61,870 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Bit Digital by 304.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company’s stock valued at $637,000 after acquiring an additional 218,789 shares during the last quarter. 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.