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

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 19,518,739 shares were traded during mid-day trading, an increase of 11% from the previous session's volume of 17,656,208 shares.The stock last traded at $3.49 and had previously closed at $3.33.

Wall Street Analyst Weigh In

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

Bit Digital Trading Up 0.2%

The firm has a market capitalization of $687.11 million, a P/E ratio of -7.01 and a beta of 5.25. The stock has a 50 day simple moving average of $2.51 and a 200-day simple moving average of $2.59.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Bit Digital

Several hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in 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 buying an additional 6,621 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings 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. Farther Finance Advisors LLC acquired a new position in shares of Bit Digital in the fourth quarter worth $72,000. Commonwealth Equity Services LLC acquired a new position in Bit Digital during the fourth quarter worth $49,000. Finally, Cibc World Markets Corp acquired a new position in Bit Digital during the fourth quarter worth $33,000. 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.