Bit Digital (NASDAQ:BTBT) Shares Gap Up – What’s Next?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) gapped up before the market opened on Monday . The stock had previously closed at $1.73, but opened at $1.8250. Bit Digital shares last traded at $1.7750, with a volume of 5,573,846 shares trading hands.

Analysts Set New Price Targets

BTBT has been the topic of a number of recent research reports. HC Wainwright initiated coverage on shares of Bit Digital in a research report on Tuesday, September 8th. They issued a “buy” rating and a $4.00 price target on the stock. Craig Hallum reaffirmed a “buy” rating and set a $3.50 price objective on shares of Bit Digital in a research report on Tuesday, July 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bit Digital in a research note on Thursday, August 13th. Finally, Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $4.38.

Bit Digital Trading Up 2.2%

The firm’s fifty day moving average price is $1.50 and its 200-day moving average price is $1.64. The company has a market cap of $670.77 million, a price-to-earnings ratio of -1.75 and a beta of 3.97. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.51 and a quick ratio of 1.51.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Thursday, August 13th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.26). The business had revenue of $32.11 million for the quarter, compared to the consensus estimate of $23.58 million. Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. On average, equities analysts expect that Bit Digital, Inc. will post -0.19 EPS for the current fiscal year.

Institutional Trading of Bit Digital

Large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its holdings in Bit Digital by 114.8% in the first quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after buying an additional 3,932,900 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Bit Digital during the first quarter worth $8,004,000. Lazard Asset Management LLC raised its stake in shares of Bit Digital by 30.6% in the 1st quarter. Lazard Asset Management LLC now owns 1,780,543 shares of the company’s stock valued at $2,333,000 after acquiring an additional 417,501 shares in the last quarter. Tidal Investments LLC raised its position in shares of Bit Digital by 186.8% in the second quarter. Tidal Investments LLC now owns 1,758,186 shares of the company’s stock valued at $3,165,000 after purchasing an additional 1,145,092 shares during the period. Finally, Bank of America Corp DE raised its holdings in Bit Digital by 164.0% in the 1st quarter. Bank of America Corp DE now owns 917,780 shares of the company’s stock worth $1,202,000 after acquiring an additional 570,086 shares during the period. 47.70% of the stock is owned by institutional investors and hedge funds.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ:BTBT) is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.

In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.

Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.