BIT Mining (NYSE:BTCM) Shares Up 2.8% – Still a Buy?

Shares of BIT Mining Limited Sponsored ADR (NYSE:BTCM) shot up 2.8% during mid-day trading on Tuesday . The company traded as high as $0.8827 and last traded at $0.86. 66,513 shares changed hands during trading, a decline of 84% from the average session volume of 404,970 shares. The stock had previously closed at $0.8367.

BIT Mining Stock Up 2.8%

The company has a 50 day simple moving average of $0.90 and a 200 day simple moving average of $1.57. The company has a market capitalization of $14.05 million, a price-to-earnings ratio of -0.88 and a beta of 3.34.

Institutional Trading of BIT Mining

An institutional investor recently bought a new position in BIT Mining stock. Two Sigma Investments LP purchased a new stake in shares of BIT Mining Limited Sponsored ADR (NYSE:BTCM) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned approximately 0.35% of BIT Mining as of its most recent SEC filing. 5.34% of the stock is owned by hedge funds and other institutional investors.

BIT Mining Company Profile

Bit Mining Limited, listed on the New York Stock Exchange under the ticker BTCM, is a Cayman Islands–registered blockchain technology company focused on the mining of digital assets. The company maintains self-operated mining farms as well as hosting services for third-party miners, leveraging locations in Sichuan Province, China, and Kazakhstan to capitalize on low-cost power resources. Its operations are supported by proprietary mining pools, including CryptoSTAGE, dedicated to optimizing hash-rate efficiency.

Bit Mining designs, manufactures and markets cryptocurrency mining machines, offering both high-performance hardware and comprehensive after-sales support.