Bit Digital (NASDAQ:BTBT) Stock Price Up 3.6% – Here’s Why

Shares of Bit Digital, Inc. (NASDAQ:BTBT) traded up 3.6% during mid-day trading on Tuesday . The company traded as high as $2.07 and last traded at $2.09. 3,926,716 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 16,123,440 shares. The stock had previously closed at $2.02.

Wall Street Analyst Weigh In

BTBT has been the topic of several analyst reports. Craig Hallum initiated coverage on Bit Digital in a report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday, March 17th.

Bit Digital Stock Up 4.2 %

The stock has a market capitalization of $323.14 million, a price-to-earnings ratio of 34.92 and a beta of 5.13. The stock has a fifty day moving average of $2.75 and a 200-day moving average of $3.41.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The firm had revenue of $26.10 million during the quarter, compared to analysts’ expectations of $25.06 million. During the same period in the previous year, the firm posted ($0.16) earnings per share. On average, equities analysts forecast that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Trading of Bit Digital

Several hedge funds and other institutional investors have recently made changes to their positions in BTBT. OLD Mission Capital LLC acquired a new stake in shares of Bit Digital in the 4th quarter valued at approximately $31,000. Cibc World Markets Corp acquired a new position in Bit Digital during the fourth quarter worth $33,000. Wedbush Securities Inc. acquired a new stake in Bit Digital in the fourth quarter valued at $37,000. Stifel Financial Corp purchased a new stake in shares of Bit Digital during the 3rd quarter worth $38,000. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of Bit Digital during the 4th quarter worth $38,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.