Bit Digital (NASDAQ:BTBT) Trading 0.3% Higher – Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shares traded up 0.3% on Monday . The company traded as high as $1.84 and last traded at $1.79. 3,000,250 shares were traded during trading, a decline of 81% from the average session volume of 15,784,246 shares. The stock had previously closed at $1.78.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Craig Hallum began coverage on Bit Digital in a research report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Bit Digital in a report on Monday.

Bit Digital Stock Down 1.7 %

The firm has a market cap of $319.83 million, a price-to-earnings ratio of 29.17 and a beta of 6.05. The stock’s 50 day moving average is $2.31 and its 200 day moving average is $3.26.

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). The firm had revenue of $26.10 million for the quarter, compared to analyst estimates of $25.06 million. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. During the same quarter last year, the business posted ($0.16) earnings per share. Analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently made changes to their positions in the business. OLD Mission Capital LLC bought a new stake in Bit Digital during the fourth quarter worth approximately $31,000. Stifel Financial Corp bought a new stake in shares of Bit Digital during the 3rd quarter worth $38,000. Cibc World Markets Corp acquired a new position in shares of Bit Digital in the 4th quarter worth $33,000. Wedbush Securities Inc. acquired a new stake in shares of Bit Digital during the fourth quarter worth $37,000. Finally, Orion Portfolio Solutions LLC purchased a new stake in shares of Bit Digital during the fourth quarter valued at $38,000. Institutional investors and hedge funds 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.