Bit Digital (NASDAQ:BTBT) Shares Gap Up – Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price gapped up prior to trading on Wednesday. The stock had previously closed at $1.65, but opened at $1.7199. Bit Digital shares last traded at $1.6750, with a volume of 2,285,848 shares changing hands.

Analyst Upgrades and Downgrades

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

Bit Digital Trading Up 0.3%

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 capitalization of $596.85 million, a price-to-earnings ratio of -1.56 and a beta of 3.97. The business’s 50-day simple moving average is $1.52 and its 200-day simple moving average is $1.64.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Thursday, August 13th. The company reported ($0.31) earnings per share (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 business had revenue of $32.11 million during the quarter, compared to the consensus estimate of $23.58 million. On average, research analysts expect that Bit Digital, Inc. will post -0.19 earnings per share for the current fiscal year.

Institutional Trading of Bit Digital

A number of institutional investors have recently bought and sold shares of BTBT. E6 Portfolios LLC bought a new stake in shares of Bit Digital during the 4th quarter valued at $28,000. Simplify Asset Management Inc. bought a new position in shares of Bit Digital in the 1st quarter worth $31,000. Essential Partners LLC acquired a new stake in shares of Bit Digital during the first quarter worth $35,000. NewEdge Advisors LLC increased its holdings in Bit Digital by 4,576.3% in the first quarter. NewEdge Advisors LLC now owns 28,058 shares of the company’s stock valued at $37,000 after purchasing an additional 27,458 shares during the last quarter. Finally, Abel Hall LLC acquired a new position in Bit Digital in the first quarter valued at about $40,000. Institutional investors and hedge funds 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.