Bit Digital (NASDAQ:BTBT) Sees Unusually-High Trading Volume - What's Next?

Key Points

• Bit Digital experienced a significant increase in trading volume, with 64,829,575 shares traded, marking a 171% rise from the prior session.
• HC Wainwright maintained a "buy" rating with a target price of $7.00 for Bit Digital shares, despite the stock trading down 14.2%.
• Recent insider activity included CEO Samir Tabar purchasing 750,000 shares and Director Brock Jeffrey Pierce buying 500,000 shares, indicating strong confidence from leadership in the company's prospects.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares saw unusually-strong trading volume on Thursday . Approximately 64,829,575 shares were traded during trading, an increase of 171% from the previous session's volume of 23,912,184 shares.The stock last traded at $3.15 and had previously closed at $3.44.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated 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 0.3%

The firm's 50 day simple moving average is $2.90 and its two-hundred day simple moving average is $2.56. The firm has a market cap of $959.88 million, a price-to-earnings ratio of -6.38 and a beta of 4.90.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued 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). Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. The business had revenue of $25.11 million during the quarter, compared to analysts' expectations of $26.38 million. As a group, equities research analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Activity at Bit Digital

In other news, CEO Samir Tabar bought 750,000 shares of the company's 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 transaction, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brock Jeffrey Pierce bought 500,000 shares of the company's stock in a transaction dated 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 transaction, the director directly owned 500,000 shares in the company, valued at approximately $1,000,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cerity Partners LLC acquired a new position in Bit Digital during the 1st quarter worth approximately $25,000. Advance Capital Management Inc. acquired a new position in Bit Digital during the 1st quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd increased its position in Bit Digital by 2,892.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company's stock worth $31,000 after purchasing an additional 14,692 shares in the last quarter. Plancorp LLC increased its position in Bit Digital by 34.8% during the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company's stock worth $34,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Byrne Asset Management LLC increased its position in Bit Digital by 207.7% during the 1st quarter. Byrne Asset Management LLC now owns 17,538 shares of the company's stock worth $35,000 after purchasing an additional 11,838 shares in the last quarter. 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.