HC Wainwright Maintains Neutral Rating for BIT Mining (NYSE:BTCM)

On March 8, 2025, HC Wainwright reaffirmed its neutral rating on BIT Mining (NYSE:BTCM) in a research report that was published recently, as reported by Benzinga.

BIT Mining Experiences Drop in Shares

On Wednesday, shares of BTCM opened at $1.96, reflecting a decline of 4.3%. BIT Mining's stock has seen a 12-month low of $1.79 and a high of $4.27 during this period. The company's market capitalization stands at approximately $29.56 million, along with a negative P/E ratio of -1.50 and a beta of 2.61. The stock's performance includes a 50-day simple moving average of $2.48 and a 200-day simple moving average of $2.58.

BIT Mining recently disclosed its earnings results on February 28. The company reported an earnings per share (EPS) of -$0.16 for the quarter. Additionally, the revenue recorded for that quarter was $8.79 million, which fell short of analysts' expectations of $16.40 million. Analysts forecast that BIT Mining is expected to report an EPS of 1 for the current financial year.

Institutional Investments in BIT Mining

In a recent development, an institutional investor took a position in BIT Mining. SBI Securities Co. Ltd. acquired a new stake in the company during the fourth quarter, as detailed in their latest Form 13F filing with the Securities and Exchange Commission. They purchased 22,964 shares, valued at around $58,000, representing approximately 0.15% ownership of BIT Mining by SBI Securities Co. Ltd. Currently, institutional investors hold about 5.34% of the company’s stock.

Overview of BIT Mining's Business

BIT Mining Limited operates as a prominent player in the cryptocurrency mining sector across regions including Mainland China, the United States, and Hong Kong. The company is engaged in two primary segments: Data Center operations and Cryptocurrency Mining. Notably, it operates a cryptocurrency mining data center in Ohio with a power capacity of 82.5 megawatts and is involved in purchasing and deploying bitcoin mining machines.

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BITMining, Stocks, Earnings