Bit Digital (NASDAQ:BTBT) Sees Large Volume Increase - Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) saw unusually-high trading volume on Monday . Approximately 39,956,266 shares changed hands during trading, an increase of 148% from the previous session's volume of 16,095,134 shares.The stock last traded at $3.62 and had previously closed at $2.94.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a "buy" rating and set a $7.00 target price on shares of Bit Digital in a research note on Thursday, June 26th.

Bit Digital Trading Up 18.4%

The business has a fifty day simple moving average of $2.37 and a 200 day simple moving average of $2.59.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.05). Bit Digital had a negative return on equity of 10.83% and a negative net margin of 77.27%. The company had revenue of $25.11 million for the quarter, compared to analyst estimates of $26.38 million. Equities research analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Brock Jeffrey Pierce purchased 500,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was acquired at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the transaction, the director directly owned 500,000 shares of the company's stock, valued at approximately $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Samir Tabar purchased 750,000 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was bought at an average cost of $2.00 per share, with a total value of $1,500,000.00. Following the acquisition, the chief executive officer owned 2,108,089 shares of the company's stock, valued at approximately $4,216,178. The trade was a 55.22% increase in their position. The disclosure for this purchase can be found here. Company insiders own 41.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vident Advisory LLC increased its position in Bit Digital by 56.2% during the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock worth $9,360,000 after purchasing an additional 1,149,727 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Bit Digital by 62.6% during the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock worth $4,721,000 after buying an additional 899,967 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Bit Digital by 14.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company's stock valued at $4,306,000 after buying an additional 273,480 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Bit Digital by 12.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company's stock valued at $3,971,000 after acquiring an additional 215,956 shares during the last quarter. Finally, Uniplan Investment Counsel Inc. grew its position in Bit Digital by 203.8% in the first quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company's stock worth $2,200,000 after acquiring an additional 730,766 shares during the period. Institutional investors and hedge funds own 47.70% of the company's stock.

About Bit Digital

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.