Bit Digital (NASDAQ:BTBT) Shares Gap Up – Should You Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $1.67, but opened at $1.76. Bit Digital shares last traded at $1.8350, with a volume of 2,988,137 shares traded.

Wall Street Analyst Weigh In

BTBT has been the topic of a number of research analyst reports. Wall Street Zen raised Bit Digital from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Monday, November 17th. Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Finally, Northland Securities set a $5.00 price objective on Bit Digital in a research report on Monday, November 17th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $6.00.

Bit Digital Stock Performance

The business’s fifty day moving average price is $1.97 and its two-hundred day moving average price is $2.58. The stock has a market capitalization of $587.46 million, a P/E ratio of 4.32 and a beta of 4.00.

Institutional Investors Weigh In On Bit Digital

Several institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd bought a new position in shares of Bit Digital during the 4th quarter valued at approximately $273,000. Invesco Ltd. lifted its holdings in shares of Bit Digital by 18.0% in the 4th quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock worth $19,831,000 after acquiring an additional 1,604,011 shares during the last quarter. Vident Advisory LLC boosted its stake in shares of Bit Digital by 9.7% during the 4th quarter. Vident Advisory LLC now owns 1,229,756 shares of the company’s stock worth $2,324,000 after purchasing an additional 108,387 shares during the period. Mackenzie Financial Corp grew its holdings in Bit Digital by 75.4% during the 4th quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after purchasing an additional 8,630 shares during the last quarter. Finally, XTX Topco Ltd grew its holdings in Bit Digital by 162.9% during the 4th quarter. XTX Topco Ltd now owns 388,886 shares of the company’s stock valued at $735,000 after purchasing an additional 240,950 shares during the last quarter. 47.70% of the stock is owned by institutional investors.

Bit Digital Company Profile

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.