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Bit Digital (NASDAQ:BTBT) Stock Price Target Cut by HC Wainwright
- On Thursday, Nasdaq-listed Bit Digital reported $27.1 million in third-quarter revenue, down 11% from $30.5 million a year earlier, with net income reaching $28.5 million, or $0.08 per diluted share.
- CEO Sam Tabar said the company continues pivoting its treasury strategy from Bitcoin to Ethereum and AI infrastructure, with Bitcoin mining revenue falling to $2 million from $7.4 million as focus shifts to WhiteFiber.
- Native Ethereum staking revenue grew 14% to $1 million from the preceding quarter, though down from $2.9 million a year earlier; Bit Digital held approximately 163,726 ETH worth $439.4 million at September 30.
- Shares in BTBT fell 9.3% in premarket trading on Thursday after revenue missed analyst consensus estimates of about $32.2 million, marking a $5.1 million shortfall according to Yahoo Finance.
- Management is considering whether repurchasing BTBT shares could benefit investors, though Tabar cautioned that selling Ethereum to finance buybacks would reduce staking income and require shareholder approval.
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Total News Sources14
Leaning Left1Leaning Right1Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 20%
C 60%
R 20%
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