Noble Financial Predicts Weaker Earnings for Bit Digital

Bit Digital, Inc. (NASDAQ:BTBT) – Noble Financial cut their FY2024 earnings per share estimates for shares of Bit Digital in a report issued on Tuesday, November 19th. Noble Financial analyst J. Gomes now anticipates that the company will post earnings per share of ($0.23) for the year, down from their previous forecast of ($0.02). The consensus estimate for Bit Digital’s current full-year earnings is ($0.06) per share. Noble Financial also issued estimates for Bit Digital’s Q4 2024 earnings at ($0.03) EPS and FY2025 earnings at $0.19 EPS.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The firm had revenue of $28.95 million during the quarter, compared to the consensus estimate of $26.63 million.

BTBT has been the topic of several other reports. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a report on Tuesday. B. Riley initiated coverage on Bit Digital in a research report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target for the company.

Bit Digital Stock Performance

NASDAQ BTBT opened at $4.05 on Thursday. The company’s 50-day simple moving average is $3.70 and its two-hundred day simple moving average is $3.27. Bit Digital has a one year low of $1.76 and a one year high of $5.74. The company has a market capitalization of $332.41 million, a price-to-earnings ratio of 67.50 and a beta of 4.79.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BTBT. Millennium Management LLC increased its position in shares of Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after acquiring an additional 1,033,767 shares during the period. Van ECK Associates Corp raised its stake in shares of Bit Digital by 25.2% in the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock worth $17,259,000 after purchasing an additional 898,329 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Bit Digital in the second quarter valued at approximately $2,126,000. Charles Schwab Investment Management Inc. increased its holdings in Bit Digital by 192.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after buying an additional 530,411 shares during the period. Finally, Segall Bryant & Hamill LLC purchased a new position in Bit Digital during the 3rd quarter worth approximately $1,222,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.