Bit Digital (NASDAQ:BTBT) Stock Price Up 10.2% – Should You Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shot up 10.2% on Thursday . The company traded as high as $1.53 and last traded at $1.5430. Approximately 4,414,838 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 25,172,236 shares. The stock had previously closed at $1.40.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BTBT shares. Craig Hallum reissued a “buy” rating and set a $3.50 price objective on shares of Bit Digital in a research report on Tuesday, July 14th. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Bit Digital in a research note on Thursday, August 13th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $5.12.

Bit Digital Stock Down 4.1%

The stock has a market cap of $551.76 million, a P/E ratio of -1.44 and a beta of 4.02. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69. The firm’s fifty day moving average is $1.62 and its 200 day moving average is $1.67.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%.The business had revenue of $32.11 million during the quarter, compared to the consensus estimate of $23.58 million. As a group, equities research analysts forecast that Bit Digital, Inc. will post -0.56 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. AXQ Capital LP boosted its position in shares of Bit Digital by 60.6% in the second quarter. AXQ Capital LP now owns 61,953 shares of the company’s stock valued at $112,000 after acquiring an additional 23,378 shares during the period. Hennion & Walsh Asset Management Inc. increased its position in Bit Digital by 24.4% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 249,211 shares of the company’s stock worth $449,000 after acquiring an additional 48,930 shares during the period. Byrne Asset Management LLC raised its stake in Bit Digital by 25.0% during the 2nd quarter. Byrne Asset Management LLC now owns 107,100 shares of the company’s stock valued at $193,000 after purchasing an additional 21,400 shares during the last quarter. NewEdge Advisors LLC raised its stake in Bit Digital by 4,576.3% during the 1st quarter. NewEdge Advisors LLC now owns 28,058 shares of the company’s stock valued at $37,000 after purchasing an additional 27,458 shares during the last quarter. Finally, Essential Partners LLC acquired a new position in Bit Digital during the 1st quarter valued at $35,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

About Bit Digital

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.