Bit Digital Inc (NASDAQ: BTBT): A Business Review And Growth Forecast


In the last trading session, 4.4 million shares of the Bit Digital Inc (NASDAQ:BTBT) were traded. Most recently the company’s share price was $2.46, and it changed around -$0.3 or -10.87% from the last close, which brings the market valuation of the company to $290.58M. BTBT currently trades at a discount to its 52-week high of $5.27, offering almost -114.23% off that amount. The share price’s 52-week low was $1.43, which indicates that the current value has risen by an impressive 41.87% since then. We note from Bit Digital Inc’s average daily trading volume that its 10-day average is 8.69 million shares, with the 3-month average coming to 8.62 million.

Bit Digital Inc (NASDAQ:BTBT) trade information

Instantly BTBT has showed a red trend with a performance of -10.87% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -41.84% year-to-date, but still up 2.07% over the last five days. On the other hand, Bit Digital Inc (NASDAQ:BTBT) is -9.23% down in the 30-day period. We can see from the shorts that 15.91 million shares have been sold at a short interest cover period of 1.77 day(s).

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The consensus price target as assigned by Wall Street analysts is $2, which translates to bulls needing to decrease their stock price by -23.0% from its current value. Analyst projections state that BTBT is forecast to be at a low of $2 and a high of $2.

Bit Digital Inc (BTBT) estimates and forecasts

Bit Digital Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 14.95 percent over the past six months and at a 112.50% annual growth rate that is well above the industry average of 17.70%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 133.30% in revenue this quarter, and will report an increase of 166.70% in the next quarter. The year-over-year growth rate is expected to be 142.20%, up from the previous year.

Consensus estimates provided by 4 financial analysts predict the company will bring in an average of $27.73 million in revenue for the current quarter. 4 analysts expect Bit Digital Inc to make $28.71 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $7.75 million and $9.04 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 257.80%. Forecasts for the next quarter put sales growth at 217.70%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 7.79%.

BTBT Dividends

Bit Digital Inc’s next quarterly earnings report is expected to be released around June 10 and June 14.

Bit Digital Inc (NASDAQ:BTBT)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.51% of Bit Digital Inc shares, and 42.95% of them are in the hands of institutional investors. The stock currently has a share float of 43.17%. Bit Digital Inc stock is held by 153 institutions, with Blackrock Inc. being the largest institutional investor. By Jun 29, 2023, it held 6.50% of the shares, which is about 5.36 million shares worth $21.76 million.

State Street Corporation, with 4.41% or 3.64 million shares worth $14.78 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

SPDR (R) Ser Tr-SPDR� Kensho New Economies Composite ETF and iShares Russell 2000 ETF were the top two Mutual Funds as of Aug 30, 2023. The former held 2.17 million shares worth $5.1 million, making up 2.63% of all outstanding shares. On the other hand, iShares Russell 2000 ETF held roughly 1.66 million shares worth around $3.91 million, which represents about 2.02% of the total shares outstanding.