Bit Digital (NASDAQ:BTBT) Trading 6.8% Higher – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT)’s share price shot up 6.8% during trading on Monday . The company traded as high as $1.50 and last traded at $1.4950. 2,397,020 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 25,151,051 shares. The stock had previously closed at $1.40.

Analyst Ratings Changes

Several research firms have recently weighed in on BTBT. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Thursday, April 2nd. B. Riley Financial reaffirmed a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Craig Hallum reiterated a “buy” rating and set a $3.50 price objective on shares of Bit Digital in a research report on Tuesday, July 14th. Finally, Weiss Ratings downgraded shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Three investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, Bit Digital presently has an average rating of “Hold” and a consensus price target of $5.12.

Bit Digital Stock Up 10.4%

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 50-day simple moving average of $1.86 and a 200 day simple moving average of $1.79. The company has a market cap of $539.50 million, a P/E ratio of -2.27 and a beta of 4.02.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The business had revenue of $27.92 million for the quarter, compared to the consensus estimate of $25.73 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%. On average, equities analysts anticipate that Bit Digital, Inc. will post -0.55 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Bit Digital by 549.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after purchasing an additional 6,201,477 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Bit Digital in the first quarter worth about $8,004,000. Balyasny Asset Management L.P. purchased a new stake in Bit Digital during the second quarter valued at approximately $10,385,000. Renaissance Technologies LLC boosted its position 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 worth $9,641,000 after purchasing an additional 3,932,900 shares in the last quarter. Finally, State Street Corp boosted its holdings in Bit Digital by 40.3% in the fourth quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after acquiring an additional 3,307,076 shares in the last quarter. 47.70% of the stock is currently owned by 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.