Stock Traders Purchase High Volume of Bit Digital Call Options (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 22,596 call options on the stock. This represents an increase of approximately 58% compared to the average daily volume of 14,317 call options.

Bit Digital Stock Performance

Shares of BTBT opened at $4.43 on Thursday. The stock has a market capitalization of $350.55 million, a P/E ratio of 73.83 and a beta of 4.79. The company’s fifty day moving average is $3.80 and its two-hundred day moving average is $3.33. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.74.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Tuesday, November 19th. B. Riley started coverage on shares of Bit Digital in a research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective on the stock.

Hedge Funds Weigh In On Bit Digital

Several institutional investors have recently bought and sold shares of BTBT. State Street Corp grew its stake in shares of Bit Digital by 1.7% during the 3rd quarter. State Street Corp now owns 5,597,517 shares of the company’s stock worth $19,647,000 after purchasing an additional 94,762 shares during the period. Van ECK Associates Corp grew its stake in shares of Bit Digital by 25.2% during the 3rd quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock worth $17,259,000 after purchasing an additional 898,329 shares during the period. Millennium Management LLC grew its stake in shares of Bit Digital by 66.6% during the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after purchasing an additional 1,033,767 shares during the period. Geode Capital Management LLC grew its stake in shares of Bit Digital by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock worth $8,512,000 after purchasing an additional 42,375 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Bit Digital by 192.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after purchasing an additional 530,411 shares during the period. 47.70% of the stock is owned by institutional investors and hedge funds.

Bit Digital Company Profile

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.