Bit Digital (NASDAQ:BTBT) Trading 8.1% Higher – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price shot up 8.1% on Monday . The company traded as high as $2.38 and last traded at $2.3450. Approximately 6,237,759 shares changed hands during trading, a decline of 75% from the average daily volume of 24,868,256 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

BTBT has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. Wall Street Zen lowered Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Zacks Research cut Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, April 6th. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research note on Thursday, April 2nd. Finally, B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. Two equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.67.

Bit Digital Price Performance

The company has a market capitalization of $776.95 million, a PE ratio of -3.27 and a beta of 3.98. The company has a quick ratio of 6.36, a current ratio of 6.36 and a debt-to-equity ratio of 0.56. The firm’s 50-day moving average is $1.79 and its 200-day moving average is $1.85.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. The firm had revenue of $27.92 million for the quarter, compared to analysts’ expectations of $25.73 million. Equities analysts predict that Bit Digital, Inc. will post -0.39 earnings per share for the current fiscal year.

Institutional Trading of Bit Digital

Several hedge funds and other institutional investors have recently bought and sold shares of BTBT. Van ECK Associates Corp lifted its holdings in shares of Bit Digital by 47.2% in the 3rd quarter. Van ECK Associates Corp now owns 6,921,408 shares of the company’s stock worth $20,764,000 after acquiring an additional 2,220,486 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Bit Digital by 686.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,288,068 shares of the company’s stock valued at $6,864,000 after purchasing an additional 1,997,304 shares in the last quarter. Monashee Investment Management LLC bought a new position in shares of Bit Digital during the 3rd quarter valued at $4,500,000. Quantbot Technologies LP purchased a new position in Bit Digital in the 3rd quarter worth $2,339,000. Finally, Pictet Asset Management Holding SA lifted its stake 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 purchasing an additional 501,423 shares during the last quarter. Hedge funds and other institutional investors 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.