Noble Financial Lowers Earnings Estimates for Bit Digital

Bit Digital, Inc. (NASDAQ:BTBT) – Noble Financial reduced their FY2024 earnings estimates for Bit Digital in a research note issued on Tuesday, November 19th. Noble Financial analyst J. Gomes now expects that the company will earn ($0.23) per share for the year, down from their previous forecast of ($0.02). The consensus estimate for Bit Digital’s current full-year earnings is ($0.06) per share. Noble Financial also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.03) EPS and FY2025 earnings at $0.19 EPS.

BTBT has been the subject of several other research reports. B. Riley initiated coverage on shares of Bit Digital in a research report on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a report on Tuesday.

Bit Digital Stock Down 1.4 %

BTBT opened at $4.00 on Thursday. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.74. The company has a 50-day simple moving average of $3.72 and a 200 day simple moving average of $3.27. The stock has a market capitalization of $332.41 million, a price-to-earnings ratio of 66.58 and a beta of 4.79.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Crescent Grove Advisors LLC bought a new position in shares of Bit Digital in the third quarter worth about $35,000. Creative Planning bought a new position in shares of Bit Digital in the third quarter worth about $37,000. Thoroughbred Financial Services LLC acquired a new position in shares of Bit Digital in the second quarter valued at approximately $38,000. Stifel Financial Corp acquired a new position in shares of Bit Digital in the third quarter valued at approximately $38,000. Finally, Victory Capital Management Inc. increased its stake 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 buying an additional 4,380 shares during the period. 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.