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

Shares of Bit Digital, Inc. (NASDAQ:BTBT) have earned an average recommendation of “Hold” from the five brokerages that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $5.1250.

A number of brokerages have issued reports on BTBT. Zacks Research cut Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. B. Riley Financial reaffirmed a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Weiss Ratings cut shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. Craig Hallum reissued a “buy” rating and set a $3.50 price target on shares of Bit Digital in a report on Tuesday. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Thursday, April 2nd.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of BTBT. JPMorgan Chase & Co. grew its holdings in Bit Digital by 686.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,288,068 shares of the company’s stock worth $6,864,000 after acquiring an additional 1,997,304 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in shares of Bit Digital by 524.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 597,032 shares of the company’s stock worth $1,128,000 after acquiring an additional 501,423 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Bit Digital by 61.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 691,923 shares of the company’s stock worth $1,412,000 after acquiring an additional 262,717 shares during the last quarter. J. Derek Lewis & Associates Inc. acquired a new position in shares of Bit Digital during the fourth quarter worth approximately $578,000. Finally, UBS Group AG lifted its position in shares of Bit Digital by 76.9% during the fourth quarter. UBS Group AG now owns 3,924,240 shares of the company’s stock worth $7,417,000 after purchasing an additional 1,705,579 shares in the last quarter. Institutional investors own 47.70% of the company’s stock.

Bit Digital Price Performance

Bit Digital stock opened at $1.40 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36. The company has a market capitalization of $488.87 million, a PE ratio of -2.06 and a beta of 4.02. Bit Digital has a one year low of $1.25 and a one year high of $4.55. The business has a 50 day simple moving average of $1.86 and a 200 day simple moving average of $1.79.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.41). Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. The company had revenue of $27.92 million during the quarter, compared to analyst estimates of $25.73 million. On average, sell-side analysts forecast that Bit Digital will post -0.55 EPS for the current fiscal year.

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.