Analysts Set Expectations for Bit Digital FY2024 Earnings

Bit Digital, Inc. (NASDAQ:BTBT) – Equities research analysts at Noble Financial issued their FY2024 EPS estimates for Bit Digital in a research report issued to clients and investors on Wednesday, October 16th. Noble Financial analyst J. Gomes forecasts that the company will post earnings of $0.01 per share for the year. The consensus estimate for Bit Digital’s current full-year earnings is ($0.02) per share. Noble Financial also issued estimates for Bit Digital’s Q4 2024 earnings at $0.05 EPS.

Separately, HC Wainwright increased their target price on Bit Digital from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday.

Bit Digital Price Performance

Bit Digital stock opened at $4.05 on Friday. The firm has a market cap of $334.06 million, a PE ratio of 13.50 and a beta of 4.79. The stock’s fifty day moving average price is $3.22 and its two-hundred day moving average price is $2.94. Bit Digital has a one year low of $1.76 and a one year high of $5.27.

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

Institutional Trading of Bit Digital

A number of institutional investors and hedge funds have recently made changes to their positions in BTBT. Van ECK Associates Corp raised its position in Bit Digital by 133.9% during the first 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 increased its stake in shares of Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after purchasing an additional 1,033,767 shares during the last quarter. Vident Advisory LLC raised its holdings in shares of Bit Digital by 79.6% during the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock worth $6,089,000 after buying an additional 940,161 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Bit Digital during the 2nd quarter worth $2,126,000. Finally, Nomura Holdings Inc. bought a new stake in shares of Bit Digital during the 4th quarter worth $1,583,000. 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.