Bit Digital (NASDAQ:BTBT) Stock Price Up 7.4% – Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price shot up 7.4% during mid-day trading on Thursday . The stock traded as high as $3.30 and last traded at $3.28. 2,050,236 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 16,629,504 shares. The stock had previously closed at $3.05.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BTBT. Craig Hallum started coverage on Bit Digital in a research report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price target on the stock. B. Riley began coverage on shares of Bit Digital in a report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a report on Tuesday, November 19th.

Bit Digital Stock Performance

The firm has a market cap of $483.56 million, a price-to-earnings ratio of 52.50 and a beta of 4.89. The stock has a 50-day moving average of $3.73 and a 200-day moving average of $3.60.

Institutional Investors Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTBT. Crescent Grove Advisors LLC bought a new position in shares of Bit Digital in the 3rd quarter valued at about $35,000. Creative Planning acquired a new position in Bit Digital during the third quarter valued at approximately $37,000. Stifel Financial Corp bought a new position in Bit Digital in the third quarter valued at approximately $38,000. Ballentine Partners LLC acquired a new position in shares of Bit Digital during the 4th quarter worth approximately $40,000. Finally, Sei Investments Co. bought a new stake in shares of Bit Digital during the 2nd quarter worth approximately $51,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

About Bit Digital

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.