BIT Mining (NYSE:BTCM) Shares Up 2.8% – Still a Buy?

BIT Mining Limited Sponsored ADR (NYSE:BTCM) shares traded up 2.8% during mid-day trading on Tuesday . The stock traded as high as $0.8827 and last traded at $0.86. 66,513 shares traded hands during trading, a decline of 84% from the average session volume of 404,970 shares. The stock had previously closed at $0.8367.

BIT Mining Trading Up 2.8%

The firm has a market cap of $14.05 million, a PE ratio of -0.88 and a beta of 3.34. The stock’s 50 day moving average price is $0.90 and its 200 day moving average price is $1.57.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in BIT Mining stock. Two Sigma Investments LP acquired a new position in shares of BIT Mining Limited Sponsored ADR (NYSE:BTCM) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned approximately 0.35% of BIT Mining at the end of the most recent reporting period. Hedge funds and other institutional investors own 5.34% of the company’s stock.

About BIT Mining

Bit Mining Limited, listed on the New York Stock Exchange under the ticker BTCM, is a Cayman Islands–registered blockchain technology company focused on the mining of digital assets. The company maintains self-operated mining farms as well as hosting services for third-party miners, leveraging locations in Sichuan Province, China, and Kazakhstan to capitalize on low-cost power resources. Its operations are supported by proprietary mining pools, including CryptoSTAGE, dedicated to optimizing hash-rate efficiency.

Bit Mining designs, manufactures and markets cryptocurrency mining machines, offering both high-performance hardware and comprehensive after-sales support.