Fintel reports that on January 21, 2025, Craig-Hallum initiated coverage of Bit Digital (NasdaqCM:BTBT) with a Buy recommendation.
Analyst Price Forecast Suggests 61.33% Upside
As of December 23, 2024, the average one-year price target for Bit Digital is $5.98/share. The forecasts range from a low of $4.85 to a high of $7.35. The average price target represents an increase of 61.33% from its latest reported closing price of $3.70 / share.
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The projected annual revenue for Bit Digital is 132MM, an increase of 34.90%. The projected annual non-GAAP EPS is -0.17.
What is the Fund Sentiment?
There are 234 funds or institutions reporting positions in Bit Digital. This is an increase of 15 owner(s) or 6.85% in the last quarter. Average portfolio weight of all funds dedicated to BTBT is 0.17%, an increase of 16.20%. Total shares owned by institutions increased in the last three months by 8.53% to 67,625K shares. 
The put/call ratio of BTBT is 0.12, indicating a bullish outlook.
What are Other Shareholders Doing?
Invesco holds 7,179K shares representing 4.68% ownership of the company. In its prior filing, the firm reported owning 9,511K shares , representing a decrease of 32.49%. The firm decreased its portfolio allocation in BTBT by 23.95% over the last quarter.
Van Eck Associates holds 4,460K shares representing 2.91% ownership of the company. In its prior filing, the firm reported owning 3,561K shares , representing an increase of 20.14%. The firm increased its portfolio allocation in BTBT by 33.93% over the last quarter.
KOMP - SPDR S&P Kensho New Economies Composite ETF holds 3,320K shares representing 2.16% ownership of the company. In its prior filing, the firm reported owning 3,274K shares , representing an increase of 1.37%. The firm increased its portfolio allocation in BTBT by 3.60% over the last quarter.
IWM - iShares Russell 2000 ETF holds 3,179K shares representing 2.07% ownership of the company. In its prior filing, the firm reported owning 2,116K shares , representing an increase of 33.43%. The firm increased its portfolio allocation in BTBT by 43.05% over the last quarter.
MIRAE ASSET GLOBAL ETFS HOLDINGS holds 2,472K shares representing 1.61% ownership of the company. In its prior filing, the firm reported owning 2,286K shares , representing an increase of 7.52%. The firm increased its portfolio allocation in BTBT by 12.90% over the last quarter.
Bit Digital Background Information
(This description is provided by the company.)
Bit Digital Inc. is the Bitcoin company dedicated to integrating resources globally for bitcoin and bitcoin mining. It commenced bitcoin mining in early 2020 and currently operates 2,253.5 PH/S of Bitcoin Hash Rate across the entire Bitcoin network, making it one of the largest bitcoin mining companies listed on NASDAQ.
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This story originally appeared on Fintel.
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