Bit Digital (NASDAQ:BTBT) Sees Large Volume Increase - Here's Why

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 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.

Analysts Set New Price Targets

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

Bit Digital Price Performance

The stock has a market cap of $630.80 million, a PE ratio of -6.44 and a beta of 5.25. The firm's 50 day moving average price is $2.35 and its two-hundred day moving average price is $2.61.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $25.11 million during the quarter, compared to the consensus estimate of $26.38 million. Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. Analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Insider Activity

In related news, CEO Samir Tabar purchased 750,000 shares of Bit Digital stock in a transaction dated Wednesday, June 25th. The stock was bought at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the transaction, the chief executive officer owned 2,108,089 shares in the company, valued at $4,216,178. This trade represents a 55.22% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brock Jeffrey Pierce purchased 500,000 shares of Bit Digital stock in a transaction dated Wednesday, June 25th. The stock was bought at an average price of $2.00 per share, with a total value of $1,000,000.00. Following the completion of the transaction, the director owned 500,000 shares of the company's stock, valued at $1,000,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 2.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bit Digital

Several hedge funds have recently made changes to their positions in BTBT. Rhumbline Advisers grew its position in shares of Bit Digital by 4.5% in the fourth quarter. Rhumbline Advisers now owns 156,715 shares of the company's stock valued at $459,000 after purchasing an additional 6,809 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Bit Digital in the fourth quarter valued at $39,000. Bank of New York Mellon Corp grew its position in shares of Bit Digital by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company's stock valued at $843,000 after purchasing an additional 6,621 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Bit Digital in the fourth quarter valued at $340,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Bit Digital by 116.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company's stock valued at $5,127,000 after purchasing an additional 943,214 shares in the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

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.