Bit Digital (NASDAQ:BTBT) Trading Up 0.7% – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price shot up 0.7% during mid-day trading on Wednesday . The stock traded as high as $2.16 and last traded at $2.16. 3,444,737 shares were traded during mid-day trading, a decline of 73% from the average session volume of 12,887,819 shares. The stock had previously closed at $2.14.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BTBT. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research report on Monday, March 17th. Craig Hallum began coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They set a “buy” rating and a $6.00 target price for the company.

Bit Digital Price Performance

The company has a 50-day moving average of $2.72 and a two-hundred day moving average of $3.40. The company has a market capitalization of $334.65 million, a PE ratio of 36.33 and a beta of 5.13.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The firm had revenue of $26.10 million during the quarter, compared to analysts’ expectations of $25.06 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. During the same period in the prior year, the company posted ($0.16) earnings per share. As a group, research analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently made changes to their positions in the business. Vident Advisory LLC lifted its holdings in Bit Digital by 56.2% in the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock worth $9,360,000 after purchasing an additional 1,149,727 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Bit Digital by 116.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company’s stock valued at $5,127,000 after buying an additional 943,214 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Bit Digital by 30.1% in the fourth quarter. Millennium Management LLC now owns 1,437,250 shares of the company’s stock worth $4,211,000 after buying an additional 332,513 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Bit Digital in the fourth quarter worth $887,000. Finally, Two Seas Capital LP boosted its position in shares of Bit Digital by 60.6% during the fourth quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock worth $1,941,000 after acquiring an additional 250,000 shares during the last quarter. Institutional investors own 47.70% of the company’s stock.

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.