Bit Digital (NASDAQ:BTBT) Price Target Increased to $6.00 by Analysts at HC Wainwright

Bit Digital (NASDAQ:BTBT) had its target price lifted by HC Wainwright from $5.00 to $6.00 in a research note published on Monday morning, Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Bit Digital Trading Up 6.6 %

Shares of NASDAQ:BTBT opened at $3.39 on Monday. The business has a 50-day moving average price of $2.55 and a 200 day moving average price of $2.72. The company has a market capitalization of $279.61 million, a price-to-earnings ratio of 11.30 and a beta of 4.90. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.27.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Wednesday, May 15th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $30.29 million during the quarter, compared to the consensus estimate of $25.61 million. Bit Digital had a return on equity of 0.30% and a net margin of 57.44%. As a group, equities research analysts predict that Bit Digital will post 0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several institutional investors have recently bought and sold shares of BTBT. Invesco Ltd. grew its position in Bit Digital by 3,163.5% in the 3rd quarter. Invesco Ltd. now owns 5,661,083 shares of the company’s stock valued at $12,115,000 after acquiring an additional 5,487,615 shares in the last quarter. Van ECK Associates Corp grew its position in Bit Digital by 133.9% in the 1st quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock valued at $14,351,000 after acquiring an additional 2,862,309 shares in the last quarter. Vident Advisory LLC grew its position in Bit Digital by 79.6% in the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock valued at $6,089,000 after acquiring an additional 940,161 shares in the last quarter. Intrinsic Edge Capital Management LLC purchased a new position in shares of Bit Digital in the 4th quarter valued at about $3,384,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Bit Digital in the 3rd quarter valued at about $800,000. 47.70% of the stock is owned by institutional investors and hedge funds.

Bit Digital Company Profile

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.