Bit Digital (NASDAQ:BTBT) Trading 8.5% Higher – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT) shares shot up 8.5% during mid-day trading on Wednesday . The company traded as high as $1.5090 and last traded at $1.4650. Approximately 3,937,168 shares were traded during trading, a decline of 84% from the average session volume of 24,886,652 shares. The stock had previously closed at $1.35.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Weiss Ratings cut shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $3.50 target price on shares of Bit Digital in a research report on Tuesday, July 14th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.12.

Bit Digital Price Performance

The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. The firm’s 50-day moving average price is $1.66 and its two-hundred day moving average price is $1.70. The stock has a market cap of $509.82 million, a PE ratio of -2.15 and a beta of 4.02.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The business had revenue of $27.92 million for the quarter, compared to analysts’ expectations of $25.73 million. Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. On average, equities analysts expect that Bit Digital, Inc. will post -0.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Walleye Trading LLC bought a new position in shares of Bit Digital in the 2nd quarter worth $25,000. Cerity Partners LLC bought a new stake in Bit Digital during the fourth quarter valued at about $26,000. nVerses Capital LLC bought a new stake in Bit Digital during the fourth quarter valued at about $26,000. Marathon Capital Management purchased a new position in Bit Digital in the fourth quarter valued at about $28,000. Finally, E6 Portfolios LLC bought a new position in Bit Digital in the fourth quarter worth about $28,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

About Bit Digital

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.