Bit Digital (NASDAQ:BTBT) Stock Price Up 5.4% – Should You Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shares rose 5.4% during mid-day trading on Friday . The stock traded as high as $1.64 and last traded at $1.6130. Approximately 5,387,446 shares changed hands during trading, a decline of 79% from the average session volume of 25,984,086 shares. The stock had previously closed at $1.53.

Wall Street Analysts Forecast Growth

BTBT has been the topic of a number of research analyst reports. Craig Hallum reissued a “buy” rating and set a $3.50 price objective on shares of Bit Digital in a research report on Tuesday, July 14th. Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Bit Digital in a report on Thursday, August 13th. Finally, HC Wainwright initiated coverage on Bit Digital in a research report on Tuesday, September 8th. They set a “buy” rating and a $4.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $4.38.

Bit Digital Price Performance

The firm’s fifty day simple moving average is $1.49 and its 200-day simple moving average is $1.64. The firm has a market capitalization of $596.85 million, a PE ratio of -1.57 and a beta of 3.97. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.69.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). The business had revenue of $32.11 million for the quarter, compared to the consensus estimate of $23.58 million. Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. On average, research analysts forecast that Bit Digital, Inc. will post -0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. E6 Portfolios LLC bought a new position in shares of Bit Digital in the fourth quarter worth approximately $28,000. Simplify Asset Management Inc. bought a new position in Bit Digital in the 1st quarter worth $31,000. Essential Partners LLC bought a new position in Bit Digital in the 1st quarter worth $35,000. NewEdge Advisors LLC raised its holdings in Bit Digital by 4,576.3% during the first quarter. NewEdge Advisors LLC now owns 28,058 shares of the company’s stock valued at $37,000 after acquiring an additional 27,458 shares during the period. Finally, Abel Hall LLC bought a new stake in Bit Digital during the first quarter valued at about $40,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

Bit Digital Company Profile

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.