Bit Digital (NASDAQ:BTBT) Trading Up 3% – Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shot up 3% on Wednesday . The company traded as high as $1.98 and last traded at $1.91. 5,142,380 shares were traded during mid-day trading, a decline of 60% from the average session volume of 13,011,536 shares. The stock had previously closed at $1.85.

Wall Street Analyst Weigh In

BTBT has been the subject of several recent research reports. Craig Hallum initiated coverage on Bit Digital in a report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Monday, March 17th.

Bit Digital Stock Down 1.9 %

The company’s 50-day simple moving average is $2.55 and its 200 day simple moving average is $3.36. The company has a market capitalization of $278.62 million, a P/E ratio of 30.25 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, March 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). The business had revenue of $26.10 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company 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 made changes to their positions in BTBT. Stifel Financial Corp boosted its position in Bit Digital by 31.0% during the fourth quarter. Stifel Financial Corp now owns 14,027 shares of the company’s stock worth $41,000 after purchasing an additional 3,320 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Bit Digital by 10.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company’s stock worth $132,000 after buying an additional 4,389 shares during the period. Bank of New York Mellon Corp grew its stake in Bit Digital by 2.4% in the 4th quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company’s stock valued at $843,000 after buying an additional 6,621 shares during the last quarter. Rhumbline Advisers grew its stake in Bit Digital by 4.5% in the 4th quarter. Rhumbline Advisers now owns 156,715 shares of the company’s stock valued at $459,000 after buying an additional 6,809 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Bit Digital by 90.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company’s stock worth $46,000 after acquiring an additional 7,395 shares during the period. 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.