Analyst Kevin Dede of H.C. Wainwright reiterated a Buy rating on Bit Digital (BTBT – Research Report), with a price target of $4.00.
Kevin Dede has given his Buy rating due to a combination of factors which are indicative of Bit Digital’s positive growth. A key reason is the company’s upward trend in revenues, with 3Q23 revenues of $11.6M exceeding expectations and a significant increase from the 2Q23 revenues of $9.0M. This revenue growth is largely attributed to Bitcoin mining, with the company mining 403.1 bitcoins in the 3Q23, a 27% increase from the prior quarter. Additionally, Bit Digital’s active hash rate also increased, reaching over 2.0Eh/s in 3Q23, improving from 1.8Eh/s at the end of 2Q23.
The company also showed resilience and adaptability in dealing with external challenges. For instance, despite a temporary downturn due to a power utility mandated maintenance outage, Bit Digital was able to recover its hash rate shortly after. In addition, Bit Digital’s decision to migrate miners to hosting sites with more competitive power rates demonstrates proactive business decision-making. Dede also highlighted Bit Digital’s strategic move to diversify their operations through the steady expansion of its Ethereum staking activity, along with the ongoing evolution of their AI effort. Lastly, Dede commended Bit Digital’s balance sheet management, noting that the company carries zero debt. This fiscal strength allows Bit Digital to capitalize on opportunities as they arise, further bolstering their growth prospects.
See the top stocks recommended by analysts >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Bit Digital (BTBT) Company Description:
Golden Bull Ltd. is an online finance marketplace lending company, which engages in the provision of short-term loans. Through its online marketplace, the company connects individual lenders with individual and small business borrowers. The company was founded by Er Xin Zeng in November 2015 and is headquartered in Shanghai, China.
Read More on BTBT:
- Bit Digital, Inc. Announces Third Quarter of Fiscal Year 2023 Financial Results
- Here’s What You Missed in Crypto This Week
- Bit Digital reports monthly production update for October 2023
- Soluna, Bit Digital announce year-long hosting partnership
- Bit Digital launches new AI business, procures NVIDIAH100 GPUs
