Bit Digital (NASDAQ:BTBT) Sees Strong Trading Volume - Here's Why

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares saw strong trading volume on Tuesday . 40,678,630 shares changed hands during mid-day trading, an increase of 166% from the previous session's volume of 15,307,456 shares.The stock last traded at $2.39 and had previously closed at $2.19.

Analyst Ratings Changes

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

Bit Digital Price Performance

The firm has a market cap of $480.66 million, a price-to-earnings ratio of -4.90 and a beta of 5.37. The business has a fifty day simple moving average of $2.30 and a 200 day simple moving average of $2.62.

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. On average, research analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BTBT. Stifel Financial Corp raised its position in Bit Digital by 31.0% in the fourth quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock valued at $41,000 after purchasing an additional 3,320 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Bit Digital by 10.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock valued at $132,000 after buying an additional 4,389 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Bit Digital by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 61,711 shares of the company's stock valued at $125,000 after buying an additional 6,195 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Bit Digital by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company's stock worth $843,000 after buying an additional 6,621 shares during the period. Finally, Rhumbline Advisers boosted its stake in Bit Digital by 4.5% during the fourth quarter. Rhumbline Advisers now owns 156,715 shares of the company's stock worth $459,000 after buying an additional 6,809 shares during the period. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.