Bit Digital (NASDAQ:BTBT) Shares Up 3.2% – Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shares shot up 3.2% on Monday . The stock traded as high as $1.92 and last traded at $1.91. 1,905,721 shares were traded during mid-day trading, a decline of 86% from the average session volume of 13,266,891 shares. The stock had previously closed at $1.85.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a report on Monday, March 17th. Craig Hallum began coverage on Bit Digital in a report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price objective on the stock.

Bit Digital Stock Performance

The stock’s fifty day simple moving average is $2.44 and its 200-day simple moving average is $3.31. The stock has a market cap of $287.83 million, a P/E ratio of 31.25 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last issued its quarterly 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). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The company had revenue of $26.10 million during the quarter, compared to the consensus estimate of $25.06 million. During the same quarter last year, the firm posted ($0.16) earnings per share. As a group, equities research analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Trading of Bit Digital

Several large investors have recently modified their holdings of the stock. OLD Mission Capital LLC acquired a new position in shares of Bit Digital in the 4th quarter valued at approximately $31,000. Stifel Financial Corp bought a new stake in shares of Bit Digital during the third quarter worth $38,000. Cibc World Markets Corp acquired a new position in Bit Digital in the 4th quarter worth about $33,000. Wedbush Securities Inc. acquired a new position in shares of Bit Digital in the fourth quarter valued at approximately $37,000. Finally, Orion Portfolio Solutions LLC bought a new position in Bit Digital in the 4th quarter valued at approximately $38,000. 47.70% of the stock is owned by institutional investors and hedge funds.

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.