Bit Digital (NasdaqCM:BTBT) - Share price, News & Analysis

BTBT fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	3/6
Financial Health	6/6
Dividends	0/6

BTBT Stock Overview

Bit Digital, Inc., together with its subsidiaries, engages in the bitcoin mining business.

Rewards

PE ratio (28.4x) is below the Software industry average (41.9x)

Earnings grew by 152.8% over the past year

Risk Analysis

High level of non-cash earnings

Shareholders have been substantially diluted in the past year

Volatile share price over the past 3 months

Profit margins (5.1%) are lower than last year (9.1%)

Bit Digital Competitors

Marathon Digital Holdings

NasdaqCM:MARA

US$1.2b

Riot Blockchain

NasdaqCM:RIOT

US$1.0b

Cipher Mining

NasdaqGS:CIFR

US$479.7m

Iris Energy

NasdaqGS:IREN

US$408.9m

Price History & Performance

Summary of all time highs, changes and price drops for Bit Digital
Historical stock prices
Current Share Price	US$1.72
52 Week High	US$20.74
52 Week Low	US$1.38
Beta	5.02
1 Month Change	-37.46%
3 Month Change	-59.72%
1 Year Change	-83.10%
3 Year Change	-63.40%
5 Year Change	n/a
Change since IPO	-62.77%

Recent News & Updates

Apr 22

Bit Digital Stock: Is Now A Good Time To Buy, Sell, Or Hold?

Bit Digital managed to generate a profit in 2021 through its bitcoin mining operation. The company has terminated all activities in China and is in the process of redeploying its fleet of mining equipment in North America. The stock appears undervalued relative to industry peers with the market likely not recognizing the transformation story. With a bullish outlook on bitcoin, we expect BTBT to outperform going forward and like the stock at the current level.

Apr 21

Bit Digital (NASDAQ:BTBT) Is Experiencing Growth In Returns On Capital

What are the early trends we should look for to identify a stock that could multiply in value over the long term...

Shareholder Returns

	BTBT	US Software	US Market
7D	-10.4%	-3.8%	-2.5%
1Y	-83.1%	-10.3%	-10.4%

Return vs Industry: BTBT underperformed the US Software industry which returned -10.3% over the past year.

Return vs Market: BTBT underperformed the US Market which returned -10.4% over the past year.

Price Volatility

Is BTBT's price volatile compared to industry and market?
BTBT volatility
BTBT Average Weekly Movement	13.9%
Software Industry Average Movement	11.4%
Market Average Movement	7.8%
10% most volatile stocks in US Market	16.7%
10% least volatile stocks in US Market	2.8%

Stable Share Price: BTBT is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 14% a week.

Volatility Over Time: BTBT's weekly volatility has decreased from 24% to 14% over the past year, but is still higher than 75% of US stocks.

About the Company

Founded	Employees	CEO	Website
2017	12	Bryan Bullett	https://bit-digital.com

Bit Digital, Inc., together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities. The company was formerly known as Golden Bull Limited and changed its name to Bit Digital, Inc. in September 2020.

Bit Digital Fundamentals Summary

How do Bit Digital's earnings and revenue compare to its market cap?
BTBT fundamental statistics
Market Cap	US$138.28m
Earnings (TTM)	US$4.86m
Revenue (TTM)	US$96.08m

28.4x

P/E Ratio

1.4x

P/S Ratio

Is BTBT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
BTBT income statement (TTM)
Revenue	US$96.08m
Cost of Revenue	US$30.74m
Gross Profit	US$65.34m
Other Expenses	US$60.47m
Earnings	US$4.86m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.06
Gross Margin	68.01%
Net Profit Margin	5.06%
Debt/Equity Ratio	0.0%

How did BTBT perform over the long term?

See historical performance and comparison

Valuation

Is Bit Digital undervalued compared to its fair value and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

28.43x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate BTBT's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate BTBT's fair value for valuation analysis.

Price To Earnings Ratio

PE vs Industry: BTBT is good value based on its PE Ratio (28.4x) compared to the US Software industry average (41.9x).

PE vs Market: BTBT is poor value based on its PE Ratio (28.4x) compared to the US market (15.5x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BTBT's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: BTBT is good value based on its PB Ratio (0.9x) compared to the US Software industry average (3.6x).

Future Growth

How is Bit Digital forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

17.7%

Forecasted Software industry annual growth in earnings

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if BTBT's forecast earnings growth is above the savings rate (1.9%).

Earnings vs Market: Insufficient data to determine if BTBT's earnings are forecast to grow faster than the US market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: Insufficient data to determine if BTBT's revenue is forecast to grow faster than the US market.

High Growth Revenue: Insufficient data to determine if BTBT's revenue is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if BTBT's Return on Equity is forecast to be high in 3 years time

Past Performance

How has Bit Digital performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

66.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BTBT has a high level of non-cash earnings.

Growing Profit Margin: BTBT's current net profit margins (5.1%) are lower than last year (9.1%).

Past Earnings Growth Analysis

Earnings Trend: BTBT's earnings have grown significantly by 66.7% per year over the past 5 years.

Accelerating Growth: BTBT's earnings growth over the past year (152.8%) exceeds its 5-year average (66.7% per year).

Earnings vs Industry: BTBT earnings growth over the past year (152.8%) exceeded the Software industry 29.6%.

Return on Equity

High ROE: BTBT's Return on Equity (2.8%) is considered low.

Financial Health

How is Bit Digital's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: BTBT's short term assets ($96.6M) exceed its short term liabilities ($5.0M).

Long Term Liabilities: BTBT's short term assets ($96.6M) exceed its long term liabilities ($3.2M).

Debt to Equity History and Analysis

Debt Level: BTBT is debt free.

Reducing Debt: BTBT had no debt 5 years ago.

Debt Coverage: BTBT has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: BTBT has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

Dividend

What is Bit Digital current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate BTBT's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BTBT's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BTBT's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BTBT's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as BTBT has not reported any payouts.

Next Steps

Explore strong dividend paying companies in the Software industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

1.2yrs

Average management tenure

CEO

Bryan Bullett (49 yo)

1.17yrs

Tenure

US$2,824,280

Compensation

Mr. Bryan Bullett serves as Chief Executive Officer at Bit Digital, Inc. since March 31, 2021. He has served as a consultant to the Company since February 2021, and has served as a consultant or independen...

CEO Compensation Analysis

Compensation vs Market: Bryan's total compensation ($USD2.82M) is above average for companies of similar size in the US market ($USD770.21K).

Compensation vs Earnings: Insufficient data to compare Bryan's compensation with company performance.

Leadership Team

Experienced Management: BTBT's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.

Board Members

Experienced Board: BTBT's board of directors are not considered experienced ( 1.7 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 65.4%.

Data	Last Updated (UTC time)
Company Analysis	2022/05/15 00:00
End of Day Share Price	2022/05/13 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31