Bit Digital (NASDAQ:BTBT) Trading Up 12.4% – Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shares were up 12.4% during mid-day trading on Monday . The company traded as high as $1.92 and last traded at $1.9550. Approximately 7,048,925 shares were traded during trading, a decline of 71% from the average daily volume of 24,415,879 shares. The stock had previously closed at $1.74.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on BTBT shares. Zacks Research cut Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, April 6th. Weiss Ratings cut Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. B. Riley Financial reaffirmed a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Thursday, April 2nd. Finally, Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.67.

Bit Digital Stock Down 0.5%

The business has a 50-day simple moving average of $1.74 and a two-hundred day simple moving average of $1.86. The company has a market cap of $708.86 million, a price-to-earnings ratio of -2.99 and a beta of 3.98. The company has a quick ratio of 6.36, a current ratio of 6.36 and a debt-to-equity ratio of 0.56.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.45) earnings per share 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 company had revenue of $27.92 million during the quarter, compared to analyst estimates of $25.73 million. As a group, equities analysts forecast that Bit Digital, Inc. will post -0.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors have recently made changes to their positions in BTBT. AQR Capital Management LLC increased its stake in shares of Bit Digital by 815.3% in the first quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock worth $409,000 after purchasing an additional 180,509 shares during the period. Millennium Management LLC increased its stake in shares of Bit Digital by 62.6% in the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after purchasing an additional 899,967 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Bit Digital by 304.0% in the second quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company’s stock worth $637,000 after purchasing an additional 218,789 shares during the period. Legal & General Group Plc increased its stake in shares of Bit Digital by 60.2% in the second quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock worth $36,000 after purchasing an additional 6,206 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Bit Digital by 62.4% in the second quarter. Rhumbline Advisers now owns 258,938 shares of the company’s stock worth $567,000 after purchasing an additional 99,490 shares during the period. 47.70% of the stock is currently 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.