FY2024 EPS Estimates for Bit Digital Decreased by Analyst

Bit Digital, Inc. (NASDAQ:BTBT) – HC Wainwright cut their FY2024 earnings estimates for Bit Digital in a research report issued on Tuesday, November 19th. HC Wainwright analyst K. Dede now forecasts that the company will post earnings of ($0.25) per share for the year, down from their prior forecast of ($0.10). HC Wainwright 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 began coverage on Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price target for the company.

Bit Digital Stock Up 11.3 %

Shares of Bit Digital stock opened at $4.44 on Thursday. The stock has a 50 day moving average price of $3.76 and a two-hundred day moving average price of $3.29. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.74. The stock has a market capitalization of $332.41 million, a P/E ratio of 74.00 and a beta of 4.79.

Hedge Funds Weigh In On Bit Digital

Large investors have recently made changes to their positions in the company. State Street Corp increased its position in shares of Bit Digital by 1.7% in the 3rd quarter. State Street Corp now owns 5,597,517 shares of the company’s stock valued at $19,647,000 after buying an additional 94,762 shares in the last quarter. Van ECK Associates Corp grew its stake in Bit Digital by 25.2% in the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock valued at $17,259,000 after purchasing an additional 898,329 shares in the last quarter. Millennium Management LLC grew its stake in shares of Bit Digital by 66.6% in the second quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after buying an additional 1,033,767 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Bit Digital by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock worth $8,512,000 after purchasing an additional 42,375 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Bit Digital by 192.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after buying an additional 530,411 shares during the period. Institutional investors and hedge funds 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.