Bit Digital (NASDAQ:BTBT) Stock Price Up 6.1% – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT) shares traded up 6.1% on Friday . The stock traded as high as $3.36 and last traded at $3.31. 2,646,713 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 9,120,877 shares. The stock had previously closed at $3.12.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BTBT. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Tuesday, November 19th. B. Riley assumed coverage on shares of Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 target price on the stock.

Bit Digital Trading Up 17.6 %

The firm has a market cap of $563.38 million, a P/E ratio of 61.17 and a beta of 4.80. The stock’s fifty day moving average is $4.04 and its two-hundred day moving average is $3.57.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its position in Bit Digital by 51.0% during the second quarter. Bank of New York Mellon Corp now owns 373,241 shares of the company’s stock worth $1,187,000 after buying an additional 126,101 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Bit Digital by 48.3% during the second quarter. Rhumbline Advisers now owns 158,748 shares of the company’s stock worth $505,000 after purchasing an additional 51,695 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Bit Digital by 39.3% in the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after purchasing an additional 4,380 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Bit Digital in the second quarter worth approximately $910,000. Finally, Thoroughbred Financial Services LLC purchased a new stake in Bit Digital in the second quarter valued at approximately $38,000. Institutional investors own 47.70% of the company’s stock.

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.