Bit Digital (NASDAQ:BTBT) Price Target Cut to $5.00 by Analysts at B. Riley Financial

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

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

Bit Digital Trading Down 0.7%

Shares of Bit Digital stock opened at $1.37 on Thursday. The company has a 50-day moving average of $1.70 and a two-hundred day moving average of $2.41. Bit Digital has a 12-month low of $1.25 and a 12-month high of $4.55. The company has a current ratio of 6.39, a quick ratio of 17.53 and a debt-to-equity ratio of 0.13. The stock has a market cap of $447.41 million, a PE ratio of -2.49 and a beta of 4.02.

Bit Digital (NASDAQ:BTBT) last announced its quarterly 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). The firm had revenue of $32.34 million for the quarter, compared to analysts’ expectations of $31.87 million. Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%. On average, research analysts anticipate that Bit Digital will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors have recently made changes to their positions in BTBT. State Street Corp boosted its stake in shares of Bit Digital by 40.3% during the fourth quarter. State Street Corp now owns 11,518,002 shares of the company’s stock valued at $21,769,000 after acquiring an additional 3,307,076 shares during the last quarter. Invesco Ltd. raised its stake in Bit Digital by 18.0% in the 4th quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock valued at $19,831,000 after purchasing an additional 1,604,011 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Bit Digital by 4.5% in the 4th quarter. Geode Capital Management LLC now owns 9,347,321 shares of the company’s stock valued at $17,669,000 after purchasing an additional 403,097 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Bit Digital by 549.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock valued at $21,992,000 after purchasing an additional 6,201,477 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Bit Digital by 21.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,123,173 shares of the company’s stock worth $13,463,000 after purchasing an additional 1,260,686 shares during the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

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.