Bit Digital (NASDAQ:BTBT) Shares Up 9.5% – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT)’s share price shot up 9.5% on Monday . The company traded as high as $1.80 and last traded at $1.7950. 11,491,437 shares changed hands during trading, a decline of 53% from the average session volume of 24,592,061 shares. The stock had previously closed at $1.64.

Analyst Ratings Changes

A number of research firms have recently weighed in on BTBT. B. Riley Financial reissued a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Thursday, April 2nd. Weiss Ratings downgraded shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. Wall Street Zen downgraded shares of Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, Zacks Research downgraded shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, April 6th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $5.67.

Bit Digital Stock Performance

The company’s fifty day moving average is $1.68 and its 200 day moving average is $1.88. The company has a market capitalization of $621.56 million, a P/E ratio of -2.62 and a beta of 3.98. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The business had revenue of $27.92 million during the quarter, compared to the consensus estimate of $25.73 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%. As a group, equities analysts anticipate that Bit Digital, Inc. will post -0.39 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp lifted its stake in Bit Digital by 40.3% in the 4th quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after purchasing an additional 3,307,076 shares in the last quarter. Invesco Ltd. lifted its stake in Bit Digital by 18.0% in the 4th quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock worth $19,831,000 after purchasing an additional 1,604,011 shares in the last quarter. Geode Capital Management LLC lifted its stake in Bit Digital by 4.5% in the 4th quarter. Geode Capital Management LLC now owns 9,347,321 shares of the company’s stock worth $17,669,000 after purchasing an additional 403,097 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Bit Digital by 114.8% in the 1st quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after purchasing an additional 3,932,900 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Bit Digital by 549.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after purchasing an additional 6,201,477 shares in the last quarter. 47.70% of the stock is owned by 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.