BIT Mining (NYSE:BTCM) Trading Up 2.3% – Still a Buy?

BIT Mining Limited Sponsored ADR (NYSE:BTCM)’s stock price was up 2.3% during mid-day trading on Tuesday . The company traded as high as $0.8791 and last traded at $0.8713. Approximately 33,193 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 404,970 shares. The stock had previously closed at $0.8520.

BIT Mining Stock Up 3.4%

The firm has a market capitalization of $13.86 million, a PE ratio of -0.87 and a beta of 3.34. The business’s fifty day moving average price is $0.82 and its 200 day moving average price is $1.35.

Hedge Funds Weigh In On BIT Mining

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

BIT Mining Company Profile

Bit Mining Limited, listed on the New York Stock Exchange under the ticker BTCM, is a Cayman Islands–registered blockchain technology company focused on the mining of digital assets. The company maintains self-operated mining farms as well as hosting services for third-party miners, leveraging locations in Sichuan Province, China, and Kazakhstan to capitalize on low-cost power resources. Its operations are supported by proprietary mining pools, including CryptoSTAGE, dedicated to optimizing hash-rate efficiency.

Bit Mining designs, manufactures and markets cryptocurrency mining machines, offering both high-performance hardware and comprehensive after-sales support.