Bit Digital (NASDAQ:BTBT) Stock Price Up 7.4% – Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price was up 7.4% during trading on Friday . The company traded as high as $1.6499 and last traded at $1.6750. 2,667,328 shares were traded during mid-day trading, a decline of 90% from the average session volume of 25,992,004 shares. The stock had previously closed at $1.56.

Bit Digital News Summary

Here are the key news stories impacting Bit Digital this week:

• Positive Sentiment: HC Wainwright maintains a bullish outlook: The firm initiated coverage with a “Buy” rating and a $4.00 price target, substantially above the recent trading level. HC Wainwright projects narrower losses of approximately $0.04–$0.05 per share in upcoming quarters and a $0.16 loss for fiscal 2027, compared with the current-year consensus estimate of a $0.56 loss. HC Wainwright Begins Coverage on Bit Digital
• Positive Sentiment: Ethereum holdings may generate additional income: A report highlighted Bit Digital’s effort to use its Ethereum stash in lending activities. If successful, this could create yield-based revenue in addition to the company’s cryptocurrency and digital-asset operations, although returns will depend on crypto prices, lending demand, and counterparty risk. Bit Digital Turns Its Ethereum Stash Into a Lending Machine
• Neutral Sentiment: Investor attention is elevated: Zacks reported that Bit Digital is currently a trending stock among its users. This may support near-term trading activity, but it does not represent a fundamental change in the company’s outlook. Bit Digital Is a Trending Stock
• Neutral Sentiment: Short-interest data appears unreliable: The report lists short interest at zero shares and a zero-day short-interest ratio, while also describing a large increase. Because the figures are internally inconsistent, they provide no dependable signal about short-covering or bearish positioning.

Analyst Upgrades and Downgrades

BTBT has been the subject of a number of analyst reports. HC Wainwright assumed coverage on shares of Bit Digital in a report on Tuesday. They issued a “buy” rating and a $4.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bit Digital in a research note on Thursday, August 13th. Craig Hallum reissued a “buy” rating and set a $3.50 target price on shares of Bit Digital in a research report on Tuesday, July 14th. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Finally, Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Three 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. According to data from MarketBeat.com, Bit Digital presently has a consensus rating of “Hold” and an average price target of $4.38.

Bit Digital Stock Up 4.8%

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 company has a 50-day simple moving average of $1.51 and a 200 day simple moving average of $1.65. The company has a market cap of $589.63 million, a P/E ratio of -1.53 and a beta of 3.97.

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

Hedge Funds Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Walleye Trading LLC purchased a new stake in Bit Digital during the second quarter worth $25,000. Cerity Partners LLC purchased a new position in Bit Digital during the 4th quarter worth $26,000. nVerses Capital LLC purchased a new position in shares of Bit Digital during the 4th quarter worth approximately $26,000. E6 Portfolios LLC acquired a new position in shares of Bit Digital during the 4th quarter worth approximately $28,000. Finally, Simplify Asset Management Inc. purchased a new stake in Bit Digital in the 1st quarter valued at approximately $31,000. Institutional investors own 47.70% of the company’s stock.

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.