B. Riley Financial Cuts Bit Digital (NASDAQ:BTBT) Price Target to $5.00

Bit Digital (NASDAQ:BTBT) had its price objective cut by B. Riley Financial from $6.00 to $5.00 in a report issued on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also issued reports on BTBT. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a research note on Thursday. Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Weiss Ratings lowered Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, March 30th. Finally, Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.67.

Bit Digital Price Performance

Shares of BTBT opened at $1.37 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 17.53 and a current ratio of 6.39. The firm has a market cap of $447.41 million, a PE ratio of -2.49 and a beta of 4.02. The firm’s 50 day moving average price is $1.69 and its 200 day moving average price is $2.39. Bit Digital has a twelve month low of $1.25 and a twelve month high of $4.55.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Friday, March 27th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%.The business had revenue of $32.34 million during the quarter, compared to the consensus estimate of $31.87 million. As a group, research analysts expect that Bit Digital will post -0.2 EPS for the current fiscal year.

Institutional Trading of Bit Digital

Several large investors have recently modified their holdings of BTBT. J. Derek Lewis & Associates Inc. bought a new position in Bit Digital in the 4th quarter worth $578,000. Caitong International Asset Management Co. Ltd acquired a new position in Bit Digital during the 4th quarter worth $273,000. Invesco Ltd. boosted its holdings in Bit Digital by 18.0% during the fourth quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock valued at $19,831,000 after acquiring an additional 1,604,011 shares during the period. Vident Advisory LLC boosted its holdings in Bit Digital by 9.7% during the fourth quarter. Vident Advisory LLC now owns 1,229,756 shares of the company’s stock valued at $2,324,000 after acquiring an additional 108,387 shares during the period. Finally, Mackenzie Financial Corp grew its position in shares of Bit Digital by 75.4% in the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after purchasing an additional 8,630 shares during the last quarter. 47.70% of the stock is owned by institutional investors.

Bit Digital Company Profile

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.