Bit Digital (NASDAQ:BTBT) Trading 10.2% Higher – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price traded up 10.2% during trading on Thursday . The company traded as high as $1.53 and last traded at $1.5430. 4,414,838 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 25,172,236 shares. The stock had previously closed at $1.40.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BTBT shares. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bit Digital in a report on Thursday, August 13th. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Finally, Craig Hallum restated a “buy” rating and set a $3.50 price objective on shares of Bit Digital in a research note on Tuesday, July 14th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $5.12.

Bit Digital Stock Up 14.6%

The firm has a market capitalization of $578.81 million, a P/E ratio of -1.51 and a beta of 4.02. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.51 and a current ratio of 1.51. The business’s fifty day moving average price is $1.63 and its two-hundred day moving average price is $1.67.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.26). Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%.The firm had revenue of $32.11 million for the quarter, compared to the consensus estimate of $23.58 million. Equities analysts expect that Bit Digital, Inc. will post -0.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Bit Digital by 549.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after purchasing an additional 6,201,477 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Bit Digital during the 1st quarter valued at about $8,004,000. Balyasny Asset Management L.P. acquired a new position in Bit Digital during the 2nd quarter valued at about $10,385,000. Renaissance Technologies LLC raised its stake in Bit Digital by 114.8% in the first quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock valued at $9,641,000 after buying an additional 3,932,900 shares during the last quarter. Finally, State Street Corp raised its stake in Bit Digital by 40.3% in the fourth quarter. State Street Corp now owns 11,518,002 shares of the company’s stock valued at $21,769,000 after buying an additional 3,307,076 shares during the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

Bit Digital Company Profile

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.