Bit Digital (NASDAQ:BTBT) Upgraded by B. Riley to “Strong-Buy”

B. Riley upgraded shares of Bit Digital (NASDAQ:BTBT) to a strong-buy rating in a research report released on Wednesday, Zacks.com reports.

Separately, HC Wainwright raised their target price on Bit Digital from $6.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, October 16th.

Bit Digital Price Performance

NASDAQ:BTBT opened at $3.93 on Wednesday. Bit Digital has a 1-year low of $1.76 and a 1-year high of $5.27. The firm’s fifty day moving average price is $3.32 and its 200 day moving average price is $2.99. The firm has a market cap of $324.16 million, a price-to-earnings ratio of 13.10 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Monday, August 19th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $28.95 million during the quarter, compared to the consensus estimate of $26.63 million. As a group, analysts expect that Bit Digital will post -0.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. raised its stake in shares of Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after buying an additional 4,380 shares during the last quarter. Creative Planning acquired a new position in shares of Bit Digital during the 3rd quarter worth $37,000. Bleakley Financial Group LLC acquired a new position in shares of Bit Digital during the 1st quarter worth $33,000. Thoroughbred Financial Services LLC acquired a new position in shares of Bit Digital during the 2nd quarter worth $38,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Bit Digital by 42.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company’s stock worth $141,000 after buying an additional 13,170 shares during the last quarter. Institutional investors and hedge funds 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.