BIT Mining (NYSE:BTCM) Stock Price Up 5% – Should You Buy?

BIT Mining Limited Sponsored ADR (NYSE:BTCM) shot up 5% during mid-day trading on Friday . The company traded as high as $1.48 and last traded at $1.46. 78,142 shares were traded during mid-day trading, a decline of 81% from the average session volume of 404,970 shares. The stock had previously closed at $1.39.

Analyst Upgrades and Downgrades

BTCM has been the topic of several recent research reports. Wall Street Zen upgraded shares of BIT Mining to a “hold” rating in a research report on Saturday, August 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BIT Mining in a research note on Tuesday, October 14th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

BIT Mining Stock Up 1.4%

The stock has a market capitalization of $24.18 million, a price-to-earnings ratio of -1.51 and a beta of 3.34. The company has a 50 day simple moving average of $2.27 and a 200-day simple moving average of $2.52.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in BIT Mining stock. Two Sigma Investments LP purchased a new position in BIT Mining Limited Sponsored ADR (NYSE:BTCM) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned 0.35% of BIT Mining at the end of the most recent quarter. Institutional investors own 5.34% of the company’s stock.

About BIT Mining

BIT Mining Limited operates as a cryptocurrency mining company in the Mainland China, the United States, and Hong Kong. The company operates in two segments: Data Center and Cryptocurrency Mining. It operates a cryptocurrency mining data center in Ohio with power capacity of 82.5 megawatts; and purchases and deploys bitcoin mining machines.