Bit Digital (NASDAQ:BTBT) Stock Price Up 7.7% – Here’s Why

Shares of Bit Digital, Inc. (NASDAQ:BTBT) were up 7.7% during trading on Friday. The stock traded as high as $1.75 and last traded at $1.7450. Approximately 1,842,211 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 25,922,488 shares. The stock had previously closed at $1.62.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. 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. UBS Group upgraded Bit Digital to a “buy” rating in a research note on Monday. HC Wainwright assumed coverage on Bit Digital in a report on Tuesday, September 8th. They issued a “buy” rating and a $4.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bit Digital in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.38.

Bit Digital Stock Performance

The company’s 50 day moving average price is $1.52 and its 200-day moving average price is $1.64. 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 company has a market cap of $596.84 million, a PE ratio of -1.57 and a beta of 3.83.

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 net margin of 237.19% and a negative return on equity of 10.66%. The firm had revenue of $32.11 million during the quarter, compared to analysts’ expectations of $23.58 million. Equities research analysts anticipate that Bit Digital, Inc. will post -0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Tidal Investments LLC raised its stake in Bit Digital by 186.8% in the 2nd quarter. Tidal Investments LLC now owns 1,758,186 shares of the company’s stock valued at $3,165,000 after acquiring an additional 1,145,092 shares during the period. WINTON GROUP Ltd purchased a new position in shares of Bit Digital in the second quarter worth about $76,000. Squarepoint Ops LLC purchased a new position in shares of Bit Digital in the second quarter worth about $125,000. AXQ Capital LP raised its position in shares of Bit Digital by 60.6% in the second quarter. AXQ Capital LP now owns 61,953 shares of the company’s stock valued at $112,000 after purchasing an additional 23,378 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its position in shares of Bit Digital by 24.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 249,211 shares of the company’s stock valued at $449,000 after purchasing an additional 48,930 shares during the period. Institutional investors own 47.70% of the company’s stock.

About Bit Digital

Bit Digital, Inc (NASDAQ:BTBT) is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.

In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.

Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.