Bit Digital (NASDAQ:BTBT) Shares Gap Up - Should You Buy?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $2.42, but opened at $2.53. Bit Digital shares last traded at $2.53, with a volume of 3,571,372 shares.

Analyst Upgrades and Downgrades

Separately, HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of Bit Digital in a report on Monday, May 19th.

Bit Digital Price Performance

The business has a 50 day simple moving average of $2.09 and a 200-day simple moving average of $2.97. The stock has a market capitalization of $543.35 million, a price-to-earnings ratio of 43.58 and a beta of 5.25.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its earnings results on Thursday, May 15th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The firm had revenue of $25.11 million for the quarter, compared to the consensus estimate of $26.38 million. As a group, equities analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in BTBT. Stifel Financial Corp boosted its stake in Bit Digital by 31.0% in the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock worth $41,000 after purchasing an additional 3,320 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bit Digital by 10.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock valued at $132,000 after purchasing an additional 4,389 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Bit Digital by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 61,711 shares of the company's stock worth $125,000 after buying an additional 6,195 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of 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 in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of 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 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.