Bit Digital (NASDAQ:BTBT) Shares Up 15.3% – Time to Buy?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) shot up 15.3% on Friday . The stock traded as high as $1.76 and last traded at $1.7350. 17,010,998 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 32,278,033 shares. The stock had previously closed at $1.5050.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BTBT shares. Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a report on Friday, January 23rd. Zacks Research downgraded shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, January 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bit Digital in a report on Monday, December 29th. Northland Securities set a $5.00 price target on shares of Bit Digital in a research note on Monday, November 17th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Bit Digital in a report on Monday, November 17th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Bit Digital has an average rating of “Hold” and an average target price of $6.00.

Bit Digital Trading Up 19.6%

The stock’s 50 day moving average price is $2.14 and its two-hundred day moving average price is $2.75. The firm has a market capitalization of $582.61 million, a price-to-earnings ratio of 4.29 and a beta of 3.94.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Friday, November 14th. The company reported ($0.05) EPS for the quarter. Bit Digital had a negative return on equity of 7.11% and a net margin of 127.61%.The company had revenue of $30.46 million for the quarter, compared to analysts’ expectations of $29.54 million. On average, sell-side analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Activity at Bit Digital

In related news, CFO Erke Huang sold 410,636 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $2.01, for a total value of $825,378.36. Following the sale, the chief financial officer owned 1,175,000 shares in the company, valued at $2,361,750. This represents a 25.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.80% of the stock is owned by company insiders.

Institutional Trading of Bit Digital

Large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in Bit Digital during the 2nd quarter worth approximately $7,512,000. SG Americas Securities LLC purchased a new stake in shares of Bit Digital during the third quarter valued at approximately $2,036,000. Geode Capital Management LLC lifted its position in shares of Bit Digital by 24.2% during the second quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company’s stock worth $7,853,000 after purchasing an additional 699,134 shares in the last quarter. Diametric Capital LP purchased a new position in shares of Bit Digital in the second quarter valued at $1,145,000. Finally, Zweig DiMenna Associates LLC purchased a new position in shares of Bit Digital in the second quarter valued at $1,983,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.