Bit Digital (NASDAQ:BTBT) Stock Price Up 12.4% – Should You Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price rose 12.4% during trading on Monday . The stock traded as high as $1.92 and last traded at $1.9550. Approximately 7,048,925 shares traded hands during trading, a decline of 71% from the average daily volume of 24,415,879 shares. The stock had previously closed at $1.74.

Wall Street Analysts Forecast Growth

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

Bit Digital Stock Up 11.8%

The business has a fifty day moving average of $1.72 and a 200 day moving average of $1.86. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $679.17 million, a PE ratio of -2.86 and a beta of 3.98.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $27.92 million during the quarter, compared to analysts’ expectations of $25.73 million. Equities research analysts anticipate that Bit Digital, Inc. will post -0.39 EPS for the current year.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Bit Digital by 549.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock valued at $21,992,000 after purchasing an additional 6,201,477 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Bit Digital during the 1st quarter valued at approximately $8,004,000. Balyasny Asset Management L.P. bought a new stake in shares of Bit Digital in the 2nd quarter worth approximately $10,385,000. Renaissance Technologies LLC boosted its stake in shares of Bit Digital by 114.8% in the 1st 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 in the last quarter. Finally, State Street Corp grew its stake in shares of Bit Digital by 40.3% during the fourth quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after purchasing an additional 3,307,076 shares during the period. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

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.