Bit Digital Q2 revenue beats estimates on cloud services growth
BTBT•Analyst coverage and price target
The current average analyst rating on the shares is "buy", with 6 "strong buy" or "buy" recommendations, no "hold" and no "sell" or "strong sell".
The average consensus recommendation for the blockchain and cryptocurrency peer group is "buy".
Wall Street's median 12-month price target for Bit Digital, Inc. is $5.50, about 276.7% above its August 12 closing price of $1.46.
Cloud services offset mining declines
Cloud services revenue grew 42% sequentially, driven by new contracts and expansion of existing agreements.
ETH staking revenue fell sequentially as ETH was shifted into liquid staking to collateralize WhiteFiber financing and due to lower ETH prices.
Digital asset mining revenue declined as the company continued to reduce exposure to bitcoin mining, which is no longer a strategic growth priority.
Q2 revenue beat on cloud services growth
Bit Digital's second-quarter revenue rose 15% and beat analyst expectations, driven by cloud services growth.
The company posted a Q2 net loss of $107.2 million, or .
