Bit Digital (NASDAQ:BTBT) Shares Up 9.5% – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT)’s share price shot up 9.5% on Monday . The stock traded as high as $1.80 and last traded at $1.7950. 11,491,437 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 24,592,061 shares. The stock had previously closed at $1.64.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BTBT. Wall Street Zen cut shares of Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Weiss Ratings cut shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Zacks Research cut shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a report on Thursday, April 2nd. Two research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $5.67.

Bit Digital Stock Up 8.5%

The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36. The company has a market cap of $621.56 million, a price-to-earnings ratio of -2.62 and a beta of 3.98. The stock’s fifty day moving average is $1.68 and its two-hundred day moving average is $1.88.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%.The firm had revenue of $27.92 million during the quarter, compared to the consensus estimate of $25.73 million. Sell-side analysts predict that Bit Digital, Inc. will post -0.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors have recently added to or reduced their stakes in BTBT. Vanguard Group Inc. grew its position in Bit Digital by 549.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after purchasing an additional 6,201,477 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Bit Digital in the 1st quarter worth about $8,004,000. Balyasny Asset Management L.P. bought a new stake in Bit Digital in the 2nd quarter worth about $10,385,000. Renaissance Technologies LLC grew its position in Bit Digital by 114.8% in the 1st quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after purchasing an additional 3,932,900 shares in the last quarter. Finally, State Street Corp grew its position in shares of Bit Digital by 40.3% during the 4th quarter. State Street Corp now owns 11,518,002 shares of the company’s stock valued at $21,769,000 after acquiring an additional 3,307,076 shares during the period. 47.70% of the stock is owned by institutional investors.

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.