Bit Digital (NASDAQ:BTBT) Price Target Increased to $7.00 by Analysts at HC Wainwright

Bit Digital (NASDAQ:BTBT) had its target price boosted by HC Wainwright from $6.00 to $7.00 in a research report released on Wednesday, Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Bit Digital Stock Performance

BTBT stock opened at $3.89 on Wednesday. The stock has a market capitalization of $320.86 million, a PE ratio of 12.97 and a beta of 4.79. The company has a fifty day moving average of $3.18 and a 200-day moving average of $2.92. Bit Digital has a one year low of $1.76 and a one year high of $5.27.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Monday, August 19th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. The firm had revenue of $28.95 million during the quarter, compared to the consensus estimate of $26.63 million. Equities analysts forecast that Bit Digital will post -0.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

A number of large investors have recently made changes to their positions in the stock. Bleakley Financial Group LLC purchased a new stake in Bit Digital during the first quarter worth about $33,000. Creative Planning acquired a new stake in shares of Bit Digital during the 3rd quarter valued at approximately $37,000. Thoroughbred Financial Services LLC purchased a new stake in shares of Bit Digital during the 2nd quarter worth approximately $38,000. Victory Capital Management Inc. grew its holdings in shares of Bit Digital by 39.3% in the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after acquiring an additional 4,380 shares during the period. Finally, Sei Investments Co. purchased a new position in Bit Digital in the 2nd quarter valued at approximately $51,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

About Bit Digital

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.