Bit Digital (NASDAQ:BTBT) Trading 9% Higher – Here’s What Happened

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price was up 9% during mid-day trading on Thursday . The stock traded as high as $1.53 and last traded at $1.5150. 5,059,938 shares traded hands during trading, a decline of 80% from the average daily volume of 25,689,928 shares. The stock had previously closed at $1.39.

Analyst Ratings Changes

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

Bit Digital Price Performance

The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69. The stock has a 50 day simple moving average of $1.53 and a 200-day simple moving average of $1.65. The firm has a market cap of $586.02 million, a PE ratio of -1.53 and a beta of 3.97.

Bit Digital (NASDAQ:BTBT) last announced 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). The business had revenue of $32.11 million during the quarter, compared to analysts’ expectations of $23.58 million. Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. Equities analysts anticipate that Bit Digital, Inc. will post -0.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new position in shares of Bit Digital in the first quarter worth $8,004,000. Renaissance Technologies LLC lifted its position in Bit Digital by 114.8% during the first quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock valued at $9,641,000 after purchasing an additional 3,932,900 shares during the last quarter. Pictet Asset Management Holding SA grew its position in Bit Digital by 524.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 597,032 shares of the company’s stock worth $1,128,000 after acquiring an additional 501,423 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Bit Digital by 61.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 691,923 shares of the company’s stock worth $1,412,000 after purchasing an additional 262,717 shares during the period. Finally, KBC Group NV purchased a new position in Bit Digital during the first quarter worth $672,000. 47.70% of the stock is currently owned by 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.