Bit Digital (NASDAQ:BTBT) Issues Earnings Results, Beats Expectations By $999.04 EPS

by · The Cerbat Gem

Bit Digital (NASDAQ:BTBT – Get Free Report) announced its quarterly earnings results on Thursday. The company reported $999.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $999.04, Zacks reports. Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%.

Bit Digital Stock Performance

BTBT stock traded up $0.10 during trading on Thursday, reaching $2.13. 49,424,492 shares of the company’s stock were exchanged, compared to its average volume of 23,148,976. The company’s fifty day moving average price is $1.59 and its 200-day moving average price is $2.02. The firm has a market cap of $695.62 million, a PE ratio of -3.87 and a beta of 3.95. Bit Digital has a 1-year low of $1.25 and a 1-year high of $4.55. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.13.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Weiss Ratings downgraded shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, March 30th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Thursday, April 2nd. Finally, B. Riley Financial dropped their price target on Bit Digital from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Thursday, April 2nd. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $5.67.

Get Our Latest Stock Report on Bit Digital

Institutional Trading of Bit Digital

Institutional investors have recently made changes to their positions in the stock. Invesco Ltd. lifted its holdings in shares of Bit Digital by 18.0% in the fourth quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock valued at $19,831,000 after buying an additional 1,604,011 shares during the period. Vident Advisory LLC lifted its stake in Bit Digital by 9.7% during the fourth quarter. Vident Advisory LLC now owns 1,229,756 shares of the company’s stock valued at $2,324,000 after purchasing an additional 108,387 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Bit Digital by 75.4% during the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after purchasing an additional 8,630 shares during the last quarter. XTX Topco Ltd lifted its stake in Bit Digital by 162.9% during the fourth quarter. XTX Topco Ltd now owns 388,886 shares of the company’s stock valued at $735,000 after purchasing an additional 240,950 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in Bit Digital during the fourth quarter valued at approximately $26,000. 47.70% of the stock is owned by institutional investors and hedge funds.

About Bit Digital

(Get Free Report)

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.

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