Bit Digital, Inc. Forecasts Positive Earnings for FY2024, Receives Price Target Increase

Equities research firm Noble Financial has released its FY2024 earnings estimates for Bit Digital, Inc. (NASDAQ:BTBT), a bitcoin mining company. Analyst J. Gomes predicts that the company will report earnings of $0.01 per share for the year, while the consensus estimate for the full-year earnings is ($0.02) per share. Additionally, Noble Financial projects Bit Digital’s Q4 2024 earnings to be $0.05 EPS.

In a separate report, HC Wainwright, a financial services company, raised its price target for Bit Digital shares from $6.00 to $7.00 and maintained a “buy” rating.

Bit Digital’s stock opened at $4.05 on Friday, with a 50-day moving average of $3.22 and a 200-day moving average of $2.94. The company’s market capitalization stands at $334.06 million, with a PE ratio of 13.50 and a beta of 4.79. Bit Digital’s 52-week range is $1.76 to $5.27.

Bit Digital previously announced its quarterly earnings on August 19th, reporting ($0.01) EPS for the quarter, surpassing analysts’ consensus estimates of ($0.03) by $0.02. The company achieved a net margin of 33.30% and a negative return on equity of 1.48%. Its quarterly revenue was $28.95 million, exceeding the consensus estimate of $26.63 million.

Several institutional investors have recently adjusted their positions in Bit Digital. Bleakley Financial Group LLC acquired a new stake in the company in the first quarter, valued at approximately $33,000. Creative Planning also purchased a new stake in the third quarter, worth around $37,000. Thoroughbred Financial Services LLC acquired a new stake in the second quarter, valued at approximately $38,000. Victory Capital Management Inc. increased its stake in Bit Digital by 39.3% in the second quarter, now owning 15,522 shares worth $49,000. Lastly, Sei Investments Co. acquired a new stake in the company in the second quarter, valued at $51,000. Institutional investors now own 47.70% of Bit Digital’s stock.