Bit Digital (NASDAQ:BTBT) Shares Gap Up – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT) shares gapped up prior to trading on Wednesday . The stock had previously closed at $1.55, but opened at $1.64. Bit Digital shares last traded at $1.6850, with a volume of 3,670,495 shares.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BTBT. Zacks Research downgraded Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. Weiss Ratings downgraded Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, March 30th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Thursday, April 2nd. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, B. Riley Financial dropped their price objective on Bit Digital from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Thursday, April 2nd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Bit Digital currently has an average rating of “Hold” and a consensus price target of $5.67.

Bit Digital Price Performance

The firm has a market capitalization of $540.49 million, a PE ratio of -3.01 and a beta of 4.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.39 and a quick ratio of 6.39. The firm has a 50-day simple moving average of $1.58 and a 200-day simple moving average of $2.25.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Friday, March 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%.The firm had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. As a group, equities analysts forecast that Bit Digital, Inc. will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BTBT. AQR Capital Management LLC lifted its position in shares of Bit Digital by 815.3% during the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock valued at $409,000 after buying an additional 180,509 shares in the last quarter. Millennium Management LLC raised its stake in Bit Digital by 62.6% during the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock valued at $4,721,000 after purchasing an additional 899,967 shares during the period. JPMorgan Chase & Co. raised its stake in Bit Digital by 304.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company’s stock valued at $637,000 after purchasing an additional 218,789 shares during the period. Legal & General Group Plc raised its stake in Bit Digital by 60.2% during the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after purchasing an additional 6,206 shares during the period. Finally, Rhumbline Advisers raised its stake in Bit Digital by 62.4% during the 2nd quarter. Rhumbline Advisers now owns 258,938 shares of the company’s stock valued at $567,000 after purchasing an additional 99,490 shares during the period. 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 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.