Bit Digital Target of Unusually High Options Trading (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) saw unusually large options trading on Monday. Stock traders bought 40,209 call options on the company. This represents an increase of 235% compared to the average volume of 12,000 call options.

Analyst Ratings Changes

A number of equities research analysts have recently commented on BTBT shares. Weiss Ratings cut Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Thursday, April 2nd. Zacks Research cut Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Finally, Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Bit Digital currently has a consensus rating of “Hold” and an average price target of $5.67.

Institutional Investors Weigh In On Bit Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its position in shares of Bit Digital by 47.2% during the third quarter. Van ECK Associates Corp now owns 6,921,408 shares of the company’s stock valued at $20,764,000 after buying an additional 2,220,486 shares during the period. JPMorgan Chase & Co. increased its position in shares of Bit Digital by 686.9% during the third quarter. JPMorgan Chase & Co. now owns 2,288,068 shares of the company’s stock valued at $6,864,000 after buying an additional 1,997,304 shares during the period. Monashee Investment Management LLC bought a new stake in shares of Bit Digital during the third quarter valued at about $4,500,000. Quantbot Technologies LP bought a new stake in shares of Bit Digital during the third quarter valued at about $2,339,000. Finally, Pictet Asset Management Holding SA increased its position in shares of Bit Digital by 524.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 597,032 shares of the company’s stock valued at $1,128,000 after buying an additional 501,423 shares during the period. 47.70% of the stock is currently owned by institutional investors.

Bit Digital Stock Performance

Bit Digital stock traded up $0.21 during midday trading on Monday, reaching $1.95. The stock had a trading volume of 26,167,343 shares, compared to its average volume of 24,586,287. Bit Digital has a 12 month low of $1.25 and a 12 month high of $4.55. The firm’s 50-day moving average price is $1.72 and its 200 day moving average price is $1.86. The firm has a market capitalization of $679.17 million, a PE ratio of -2.85 and a beta of 3.98. The company has a quick ratio of 6.36, a current ratio of 6.36 and a debt-to-equity ratio of 0.56.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The company had revenue of $27.92 million during the quarter, compared to analysts’ expectations of $25.73 million. Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. As a group, research analysts predict that Bit Digital will post -0.39 earnings per share for the current fiscal year.

About Bit Digital

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.