Northland Capmk Has Negative View of Bit Digital Q4 Earnings

Bit Digital, Inc. (NASDAQ:BTBT) – Analysts at Northland Capmk dropped their Q4 2024 EPS estimates for Bit Digital in a research report issued to clients and investors on Wednesday, October 16th. Northland Capmk analyst M. Grondahl now forecasts that the company will post earnings per share of $0.00 for the quarter, down from their prior estimate of $0.01. The consensus estimate for Bit Digital’s current full-year earnings is ($0.02) per share. Northland Capmk also issued estimates for Bit Digital’s Q1 2025 earnings at $0.00 EPS.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. The business had revenue of $28.95 million for the quarter, compared to analyst estimates of $26.63 million.

Separately, HC Wainwright lifted their price objective on shares of Bit Digital from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th.

Bit Digital Trading Up 2.0 %

Shares of BTBT opened at $4.13 on Monday. The stock has a market cap of $340.65 million, a P/E ratio of 13.77 and a beta of 4.79. The stock’s 50-day moving average price is $3.22 and its two-hundred day moving average price is $2.94. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.27.

Institutional Trading of Bit Digital

A number of large investors have recently made changes to their positions in BTBT. Van ECK Associates Corp lifted its holdings in shares of Bit Digital by 133.9% during the 1st quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock valued at $14,351,000 after purchasing an additional 2,862,309 shares in the last quarter. Millennium Management LLC raised its holdings in Bit Digital by 66.6% during the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after buying an additional 1,033,767 shares during the period. Vident Advisory LLC lifted its stake in Bit Digital by 79.6% in the first quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock valued at $6,089,000 after buying an additional 940,161 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Bit Digital in the second quarter valued at approximately $2,126,000. Finally, Headlands Technologies LLC bought a new stake in shares of Bit Digital during the second quarter worth $910,000. Institutional investors 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.