FY2024 EPS Estimates for Bit Digital Cut by HC Wainwright

Bit Digital, Inc. (NASDAQ:BTBT) – Equities research analysts at HC Wainwright cut their FY2024 earnings per share (EPS) estimates for Bit Digital in a note issued to investors on Tuesday, November 19th. HC Wainwright analyst K. Dede now anticipates that the company will earn ($0.25) per share for the year, down from their previous estimate of ($0.10). HC Wainwright currently has a “Buy” rating and a $7.00 price objective on the stock. The consensus estimate for Bit Digital’s current full-year earnings is ($0.06) per share. HC Wainwright also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.07) EPS and FY2025 earnings at ($0.28) EPS.

Separately, B. Riley initiated coverage on shares of Bit Digital in a research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective for the company.

Bit Digital Trading Up 0.5 %

Shares of BTBT opened at $4.05 on Thursday. The business’s 50-day moving average price is $3.70 and its 200 day moving average price is $3.27. The stock has a market capitalization of $332.41 million, a P/E ratio of 67.50 and a beta of 4.79. Bit Digital has a 1-year low of $1.76 and a 1-year high of $5.74.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Monday, August 19th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The company had revenue of $28.95 million for the quarter, compared to analyst estimates of $26.63 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Crescent Grove Advisors LLC purchased a new stake in shares of Bit Digital during the 3rd quarter worth about $35,000. Creative Planning bought a new position in Bit Digital during the third quarter valued at approximately $37,000. Thoroughbred Financial Services LLC bought a new position in Bit Digital during the second quarter valued at approximately $38,000. Stifel Financial Corp acquired a new stake in Bit Digital in the third quarter valued at approximately $38,000. Finally, Victory Capital Management Inc. grew its position in Bit Digital by 39.3% in the second 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 in the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Company Profile

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.