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

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research note issued on Friday, Benzinga reports. They currently have a $6.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 69.97% from the stock’s current price.

Bit Digital Trading Up 5.4 %

Shares of NASDAQ BTBT opened at $3.53 on Friday. The stock has a market cap of $291.15 million, a P/E ratio of 11.77 and a beta of 4.90. The stock has a 50 day moving average of $2.75 and a two-hundred day moving average of $2.73. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.27.

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

Institutional Trading of Bit Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTBT. Van ECK Associates Corp grew its stake in shares of 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 purchasing an additional 2,862,309 shares during 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 buying an additional 940,161 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Bit Digital by 9.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company’s stock valued at $5,483,000 after buying an additional 165,044 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in Bit Digital by 21.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,061,395 shares of the company’s stock valued at $4,490,000 after buying an additional 185,560 shares during the period. Finally, Intrinsic Edge Capital Management LLC acquired a new stake in shares of Bit Digital in the 4th quarter worth $3,384,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.