Bit Digital (NASDAQ:BTBT) Issues Quarterly Earnings Results

Bit Digital (NASDAQ:BTBT) posted its earnings results on Friday. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.07), Zacks reports. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The business had revenue of $26.10 million for the quarter, compared to analysts’ expectations of $25.06 million. During the same quarter last year, the business posted ($0.16) earnings per share.

Bit Digital Trading Up 7.5 %

Shares of BTBT stock opened at $2.44 on Friday. The company has a market capitalization of $374.56 million, a PE ratio of 40.67 and a beta of 5.13. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.74. The firm has a fifty day simple moving average of $3.02 and a 200-day simple moving average of $3.45.

Analyst Upgrades and Downgrades

BTBT has been the subject of a number of analyst reports. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a research report on Tuesday, November 19th. Craig Hallum initiated coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price objective for the company.

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.