Stock Traders Buy High Volume of Call Options on Bit Digital (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of some unusual options trading on Monday. Stock traders bought 11,208 call options on the stock. This represents an increase of approximately 58% compared to the average daily volume of 7,079 call options.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Bit Digital in a research note on Friday, July 12th.

Institutional Trading of Bit Digital

A number of institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC increased its holdings in Bit Digital by 68.1% during the fourth quarter. SG Americas Securities LLC now owns 46,197 shares of the company’s stock worth $195,000 after buying an additional 18,717 shares during the last quarter. HBW Advisory Services LLC purchased a new stake in shares of Bit Digital during the 4th quarter worth approximately $42,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Bit Digital by 21.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,745,552 shares of the company’s stock worth $7,384,000 after purchasing an additional 304,830 shares during the period. Vontobel Holding Ltd. purchased a new position in Bit Digital in the fourth quarter valued at approximately $95,000. Finally, Headlands Technologies LLC purchased a new position in Bit Digital in the fourth quarter valued at approximately $88,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

Bit Digital Price Performance

Shares of BTBT stock opened at $4.04 on Wednesday. The firm has a 50-day moving average of $3.04 and a 200-day moving average of $2.70. Bit Digital has a one year low of $1.76 and a one year high of $5.27. The company has a market cap of $333.22 million, a P/E ratio of 13.47 and a beta of 4.90.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Wednesday, May 15th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.01 by $0.02. Bit Digital had a net margin of 57.44% and a return on equity of 0.30%. The firm had revenue of $30.29 million during the quarter, compared to analyst estimates of $25.61 million. As a group, research analysts expect that Bit Digital will post -0.02 earnings per share for the current fiscal year.

Bit Digital Company Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.