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

HC Wainwright reaffirmed their buy rating on shares of Bit Digital (NASDAQ:BTBT) in a research report released on Tuesday,Benzinga reports. They currently have a $7.00 target price on the stock. HC Wainwright also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.07) EPS, FY2024 earnings at ($0.25) EPS and FY2025 earnings at ($0.28) EPS.

Separately, B. Riley assumed coverage on Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price target on the stock.

Bit Digital Stock Performance

Bit Digital stock opened at $4.44 on Tuesday. The company has a market cap of $332.41 million, a P/E ratio of 74.00 and a beta of 4.79. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.74. The firm’s 50-day moving average is $3.76 and its 200-day moving average is $3.29.

Institutional Trading of Bit Digital

A number of hedge funds and other institutional investors have recently modified their holdings of BTBT. State Street Corp lifted its holdings in shares of Bit Digital by 1.7% during the third quarter. State Street Corp now owns 5,597,517 shares of the company’s stock valued at $19,647,000 after purchasing an additional 94,762 shares during the last quarter. Van ECK Associates Corp lifted its stake in Bit Digital by 25.2% in the 3rd quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock worth $17,259,000 after acquiring an additional 898,329 shares in the last quarter. Millennium Management LLC boosted its position 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 acquiring an additional 1,033,767 shares during the period. Geode Capital Management LLC boosted its position in Bit Digital by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock worth $8,512,000 after acquiring an additional 42,375 shares during the period. Finally, Vident Advisory LLC grew its stake in Bit Digital by 79.6% during 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. Institutional investors own 47.70% of the company’s stock.

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.