Bit Digital (NASDAQ:BTBT) Trading 11.1% Higher – Should You Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shares rose 11.1% on Friday . The company traded as high as $2.2550 and last traded at $2.2450. Approximately 4,322,872 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 27,763,830 shares. The stock had previously closed at $2.02.

Analyst Ratings Changes

BTBT has been the subject of a number of research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bit Digital in a research note on Monday. Northland Securities set a $5.00 target price on shares of Bit Digital in a research report on Monday, November 17th. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Monday, November 17th. Finally, Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Bit Digital has a consensus rating of “Moderate Buy” and an average price target of $6.00.

Bit Digital Stock Up 10.1%

The company has a market capitalization of $720.18 million, a PE ratio of 5.30 and a beta of 4.29. The firm’s 50 day simple moving average is $2.90 and its 200 day simple moving average is $2.93.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter. Bit Digital had a negative return on equity of 7.11% and a net margin of 127.61%.The company had revenue of $30.46 million for the quarter, compared to analysts’ expectations of $29.54 million. As a group, sell-side analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Erke Huang sold 1,089,364 shares of Bit Digital stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $2.18, for a total value of $2,374,813.52. Following the completion of the transaction, the chief financial officer owned 1,585,636 shares in the company, valued at $3,456,686.48. The trade was a 40.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Bit Digital

Several large investors have recently bought and sold shares of the business. Byrne Asset Management LLC grew its position in Bit Digital by 22.5% in the 2nd quarter. Byrne Asset Management LLC now owns 21,492 shares of the company’s stock valued at $47,000 after buying an additional 3,954 shares during the last quarter. Plancorp LLC grew its stake in Bit Digital by 34.8% in the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company’s stock valued at $34,000 after acquiring an additional 4,000 shares during the last quarter. Kingsview Wealth Management LLC increased its stake in shares of Bit Digital by 17.3% during the 2nd quarter. Kingsview Wealth Management LLC now owns 28,295 shares of the company’s stock worth $62,000 after purchasing an additional 4,175 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Bit Digital by 2.4% during the second quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock valued at $402,000 after acquiring an additional 4,374 shares during the last quarter. Finally, Ethic Inc. raised its position in shares of Bit Digital by 31.8% in the second quarter. Ethic Inc. now owns 19,644 shares of the company’s stock valued at $39,000 after buying an additional 4,739 shares during the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.