Bit Digital (NASDAQ:BTBT) Stock Rating Upgraded by B. Riley

B. Riley upgraded shares of Bit Digital (NASDAQ:BTBT) to a strong-buy rating in a report published on Wednesday morning, Zacks.com reports.

Separately, HC Wainwright upped their price target on Bit Digital from $6.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, October 16th.

Bit Digital Stock Performance

Shares of BTBT stock opened at $3.93 on Wednesday. The company has a market capitalization of $324.16 million, a price-to-earnings ratio of 13.10 and a beta of 4.79. Bit Digital has a one year low of $1.76 and a one year high of $5.27. The company’s 50-day moving average is $3.32 and its 200 day moving average is $3.00.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $28.95 million during the quarter, compared to the consensus estimate of $26.63 million. As a group, research analysts predict that Bit Digital will post -0.02 earnings per share for the current fiscal year.

Institutional Trading of Bit Digital

Several large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its position in shares of Bit Digital by 39.3% in the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock valued at $49,000 after acquiring an additional 4,380 shares in the last quarter. Creative Planning purchased a new position in Bit Digital during the 3rd quarter valued at $37,000. Bleakley Financial Group LLC bought a new stake in Bit Digital during the 1st quarter valued at about $33,000. Thoroughbred Financial Services LLC purchased a new stake in shares of Bit Digital in the 2nd quarter worth $38,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Bit Digital by 42.4% during the second quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company’s stock valued at $141,000 after purchasing an additional 13,170 shares in the last quarter. 47.70% of the stock is currently owned by institutional investors.

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.