Bit Digital (NASDAQ:BTBT) Shares Gap Up - Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $2.63, but opened at $2.74. Bit Digital shares last traded at $2.79, with a volume of 36,427,634 shares trading hands.

Analyst Ratings Changes

Separately, HC Wainwright reissued 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 company has a market cap of $630.80 million, a PE ratio of -6.44 and a beta of 5.25. The stock's 50-day moving average is $2.37 and its 200 day moving average is $2.59.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $26.38 million. On average, analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current year.

Insider Buying and Selling

In related news, CEO Samir Tabar purchased 750,000 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were acquired at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the purchase, the chief executive officer owned 2,108,089 shares of the company's stock, valued at $4,216,178. This trade represents a 55.22% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brock Jeffrey Pierce purchased 500,000 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were bought at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following 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 disclosure for this purchase can be found here. Corporate insiders own 41.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BTBT. ProShare Advisors LLC grew its position in Bit Digital by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 33,753 shares of the company's stock worth $99,000 after purchasing an additional 11,107 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Bit Digital during the 4th quarter valued at about $46,000. Tower Research Capital LLC TRC raised its stake in shares of Bit Digital by 90.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company's stock valued at $46,000 after buying an additional 7,395 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Bit Digital during the 4th quarter valued at about $378,000. Finally, MetLife Investment Management LLC raised its stake in shares of Bit Digital by 18.1% during the 4th quarter. MetLife Investment Management LLC now owns 82,357 shares of the company's stock valued at $241,000 after buying an additional 12,640 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.