Bit Digital, Inc. (NASDAQ:BTBT) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Bit Digital, Inc. (NASDAQ:BTBT) have earned a consensus recommendation of “Hold” from the five research firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $5.1250.

BTBT has been the subject of several research analyst reports. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Craig Hallum reaffirmed a “buy” rating and issued a $3.50 price objective on shares of Bit Digital in a research report on Tuesday, July 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bit Digital in a research note on Thursday, August 13th. Finally, Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Walleye Trading LLC acquired a new stake in Bit Digital in the 2nd quarter valued at approximately $25,000. Mackenzie Financial Corp bought a new stake in Bit Digital in the 3rd quarter valued at approximately $34,000. WINTON GROUP Ltd acquired a new position in Bit Digital during the 3rd quarter worth approximately $35,000. Cerity Partners LLC acquired a new position in Bit Digital during the 4th quarter worth approximately $26,000. Finally, nVerses Capital LLC bought a new position in shares of Bit Digital during the 4th quarter worth approximately $26,000. 47.70% of the stock is currently owned by institutional investors.

Bit Digital Price Performance

Shares of BTBT opened at $1.34 on Wednesday. The stock has a 50 day simple moving average of $1.54 and a 200 day simple moving average of $1.65. Bit Digital has a 52-week low of $1.18 and a 52-week high of $4.55. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.51 and a current ratio of 1.51. The firm has a market capitalization of $483.24 million, a PE ratio of -1.26 and a beta of 3.97.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.26). Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%.The company had revenue of $32.11 million for the quarter, compared to analyst estimates of $23.58 million. Sell-side analysts predict that Bit Digital will post -0.56 EPS for the current fiscal year.

About Bit Digital

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.