HC Wainwright Reiterates “Buy” Rating for Bit Digital (NASDAQ:BTBT)

Bit Digital (NASDAQ:BTBTGet Free Report)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $7.00 price target on the stock. HC Wainwright’s price target would indicate a potential upside of 248.26% from the company’s previous close.

Bit Digital Stock Performance

NASDAQ BTBT opened at $2.01 on Thursday. The stock has a market capitalization of $419.15 million, a P/E ratio of -4.28 and a beta of 5.36. Bit Digital has a 1 year low of $1.69 and a 1 year high of $5.74. The business’s fifty day moving average is $2.30 and its two-hundred day moving average is $2.66.

Bit Digital (NASDAQ:BTBTGet Free Report) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $25.11 million for the quarter, compared to analysts’ expectations of $26.38 million. Bit Digital had a negative return on equity of 10.83% and a negative net margin of 77.27%. On average, research analysts forecast that Bit Digital will post -0.2 earnings per share for the current year.

Insider Buying and Selling at Bit Digital

In other news, CEO Samir Tabar bought 750,000 shares of the business’s stock in a transaction on Wednesday, June 25th. The shares were bought at an average cost of $2.00 per share, with a total value of $1,500,000.00. Following the purchase, the chief executive officer now directly owns 2,108,089 shares in the company, valued at $4,216,178. This trade represents a 55.22% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Brock Jeffrey Pierce bought 500,000 shares of the business’s stock in a transaction on Wednesday, June 25th. The shares were purchased at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the director now owns 500,000 shares in the company, valued at approximately $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.32% of the company’s stock.

Institutional Trading of Bit Digital

Several large investors have recently added to or reduced their stakes in the company. Cerity Partners LLC acquired a new position in shares of Bit Digital in the first quarter worth $25,000. OLD Mission Capital LLC acquired a new position in shares of Bit Digital in the fourth quarter worth $31,000. Advance Capital Management Inc. acquired a new position in shares of Bit Digital in the first quarter worth $31,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Bit Digital by 2,892.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company’s stock worth $31,000 after acquiring an additional 14,692 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new position in shares of Bit Digital in the fourth quarter worth $33,000. 47.70% of the stock is owned by institutional investors and hedge funds.

About Bit Digital

(Get Free Report)

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.

Further Reading

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