Bit Digital (NASDAQ:BTBT) Stock Price Up 12.4% – Should You Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shares were up 12.4% on Monday . The company traded as high as $1.92 and last traded at $1.9550. Approximately 7,048,925 shares changed hands during trading, a decline of 71% from the average daily volume of 24,415,879 shares. The stock had previously closed at $1.74.

Analyst Upgrades and Downgrades

BTBT has been the topic of several recent analyst reports. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Thursday, April 2nd. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Finally, Weiss Ratings lowered shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.67.

Bit Digital Price Performance

The company has a quick ratio of 6.36, a current ratio of 6.36 and a debt-to-equity ratio of 0.56. The company has a 50 day moving average of $1.72 and a 200 day moving average of $1.86. The stock has a market capitalization of $679.17 million, a price-to-earnings ratio of -2.86 and a beta of 3.98.

Bit Digital (NASDAQ:BTBT) last released 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 return on equity of 8.44% and a negative net margin of 145.39%. As a group, equities research analysts forecast that Bit Digital, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Trading of Bit Digital

A number of institutional investors and hedge funds have recently modified their holdings of the business. Hamilton Wealth LLC acquired a new stake in shares of Bit Digital in the third quarter valued at approximately $30,000. Rafferty Asset Management LLC acquired a new stake in Bit Digital in the third quarter valued at approximately $33,000. Walleye Trading LLC acquired a new stake in shares of Bit Digital in the second quarter worth $25,000. Mackenzie Financial Corp acquired a new stake in shares of Bit Digital in the third quarter worth $34,000. Finally, WINTON GROUP Ltd acquired a new position in Bit Digital during the 3rd quarter valued at $35,000. 47.70% of the stock is owned by institutional investors and hedge funds.

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.