Bit Digital Stock Fair Value Calculator – BIT DIGITAL Reports Strong Third Quarter Earnings For FY2023
December 11, 2023
☀️Earnings Overview
BIT DIGITAL ($NASDAQ:BTBT) released their earnings results for the third quarter of FY2023, ending on September 30 2023. Total revenue for the quarter was USD 11.6 million, a rise of 26.6% from the same quarter of the prior year. Net income for the period was reported to be USD -7.2 million, a decrease from the previous year’s figure of -14.3 million.
Price History
When the market opened, the stock was priced at $2.0 and closed at $2.1, representing a 6.6% rise from the previous closing price of $2.0. These figures are the highest ever reported in the company’s history and demonstrate a commitment to continued growth and innovation. BIT DIGITAL’s strong performance in the markets is set to continue in the fourth quarter of FY2023 and beyond. The company is focusing on expanding its digital offerings and developing new technologies to capture a larger market share. With a solid financial base and an experienced management team, BIT DIGITAL is well-positioned to keep up with its competitors and remain competitive in the ever-changing digital landscape. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Bit Digital. More…
| Total Revenues | Net Income | Net Margin |
| 36.64 | -80.56 | -87.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Bit Digital. More…
| Operations | Investing | Financing |
| -22.68 | -10.84 | 22.07 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Bit Digital. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 108.73 | 5.44 | 1.17 |
Key Ratios Snapshot
Some of the financial key ratios for Bit Digital are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 40.6% | – | -89.6% |
| FCF Margin | ROE | ROA |
| -84.7% | -21.0% | -18.9% |
Analysis – Bit Digital Stock Fair Value Calculator
At GoodWhale, we have conducted an analysis of BIT DIGITAL‘s financials to get an accurate assessment of their current value. Through our proprietary Valuation Line system, we have determined that the fair value of a BIT DIGITAL share should be around $2.2. Currently, BIT DIGITAL stock is traded at $2.1, a fair price that is slightly undervalued by 5.9%. This makes the current stock a great buy for interested investors looking to get a good deal. More…
Peers
The cryptocurrency mining industry is highly competitive, with Bit Digital Inc competing against Marathon Digital Holdings Inc, Hut 8 Mining Corp, and Cipher Mining Inc. All four companies are striving to be the leading provider of cryptocurrency mining services. Bit Digital Inc has a strong presence in North America, Europe, and Asia, while Marathon Digital Holdings Inc is focused on North America. Hut 8 Mining Corp has a strong presence in North America and Europe, while Cipher Mining Inc is focused on Asia.
– Marathon Digital Holdings Inc ($NASDAQ:MARA)
Marathon Digital Holdings, Inc. engages in the digital assets business. It focuses on the mining and development of blockchain technology. The company was founded on October 31, 2017 and is headquartered in El Segundo, CA.
– Hut 8 Mining Corp ($TSX:HUT)
Hut 8 Mining Corp is a cryptocurrency mining company that operates out of Canada and the United States. The company is one of the largest Bitcoin miners in North America and is publicly listed on the Toronto Stock Exchange. Hut 8 Mining Corp has a market capitalization of 451.02 million as of 2022 and a return on equity of -10.72%. The company mines Bitcoin and other cryptocurrencies through a network of data centres.
– Cipher Mining Inc ($NASDAQ:CIFR)
Cipher Mining is a cryptocurrency mining company with a market cap of $203.14 million as of 2022. The company has a return on equity of 28.25%. Cipher Mining is focused on providing safe and efficient mining operations. The company is headquartered in Vancouver, Canada.
Summary
Investors may be interested to note that BIT DIGITAL reported total revenue of USD 11.6 million for the third quarter of FY2023, a 26.6% increase from the same period of the previous year. Net income was reported at USD -7.2 million, a decrease from the previous year’s figure of -14.3 million. Despite this, the stock price moved up on the same day, indicating positive sentiment in the market towards the company’s performance. Investors may want to keep an eye on BIT DIGITAL’s future performance, as the company continues to expand and invest in its operations.
