Brokerages Set Bit Digital, Inc. (NASDAQ:BTBT) PT at $5.12

Shares of Bit Digital, Inc. (NASDAQ:BTBT) have received a consensus recommendation of “Hold” from the five brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $5.1250.

BTBT has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research report on Thursday, April 2nd. Craig Hallum restated a “buy” rating and set a $3.50 target price on shares of Bit Digital in a report on Tuesday. Zacks Research cut Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. Finally, Weiss Ratings lowered Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th.

Bit Digital Stock Down 7.0%

Shares of BTBT opened at $1.47 on Tuesday. The firm has a market cap of $513.31 million, a P/E ratio of -2.16 and a beta of 4.02. The stock has a 50 day simple moving average of $1.86 and a two-hundred day simple moving average of $1.80. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36. Bit Digital has a 1 year low of $1.25 and a 1 year high of $4.55.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.41). Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%.The business had revenue of $27.92 million for the quarter, compared to analysts’ expectations of $25.73 million. On average, analysts forecast that Bit Digital will post -0.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Bit Digital by 549.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after acquiring an additional 6,201,477 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Bit Digital in the first quarter worth $8,004,000. Balyasny Asset Management L.P. purchased a new position in Bit Digital during the second quarter valued at $10,385,000. Renaissance Technologies LLC lifted its position in Bit Digital by 114.8% during the first quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock valued at $9,641,000 after buying an additional 3,932,900 shares during the period. Finally, State Street Corp boosted its holdings in shares of Bit Digital by 40.3% during the 4th quarter. State Street Corp now owns 11,518,002 shares of the company’s stock valued at $21,769,000 after buying an additional 3,307,076 shares in the last quarter. 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.