Q3 Earnings Forecast for Bit Digital Issued By HC Wainwright

Bit Digital, Inc. (NASDAQ:BTBT) – Stock analysts at HC Wainwright dropped their Q3 2024 EPS estimates for shares of Bit Digital in a note issued to investors on Wednesday, October 16th. HC Wainwright analyst K. Dede now expects that the company will post earnings of ($0.04) per share for the quarter, down from their previous estimate of $0.01. HC Wainwright currently has a “Buy” rating and a $7.00 price target on the stock. The consensus estimate for Bit Digital’s current full-year earnings is ($0.02) per share. HC Wainwright also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.05) EPS, FY2024 earnings at ($0.10) EPS and FY2025 earnings at ($0.21) EPS.

Bit Digital Stock Performance

Bit Digital stock opened at $3.88 on Friday. Bit Digital has a one year low of $1.76 and a one year high of $5.27. The stock’s 50 day moving average price is $3.20 and its 200 day moving average price is $2.93. The firm has a market capitalization of $320.03 million, a PE ratio of 12.93 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Monday, August 19th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. The company had revenue of $28.95 million for the quarter, compared to analysts’ expectations of $26.63 million.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Bleakley Financial Group LLC acquired a new stake in Bit Digital during the 1st quarter valued at $33,000. Creative Planning acquired a new stake in shares of Bit Digital during the third quarter valued at about $37,000. Thoroughbred Financial Services LLC acquired a new stake in shares of Bit Digital during the second quarter valued at about $38,000. Victory Capital Management Inc. increased its position in shares of Bit Digital by 39.3% during 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 during the last quarter. Finally, Sei Investments Co. acquired a new position in shares of Bit Digital in the second quarter worth about $51,000. 47.70% of the stock is owned by institutional investors and hedge funds.

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.