Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares 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 reaffirmed a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research note on Thursday, June 26th.
Read Our Latest Research Report on BTBT
Bit Digital Price Performance
The firm has a market capitalization of $630.80 million, a PE ratio of -6.44 and a beta of 5.25. The stock has a 50-day moving average price of $2.35 and a 200-day moving average price of $2.61.
Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Bit Digital had a negative return on equity of 10.83% and a negative net margin of 77.27%. The company had revenue of $25.11 million for the quarter, compared to the consensus estimate of $26.38 million. As a group, equities research analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.
Insider Buying and Selling
In related 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 price of $2.00 per share, with a total value of $1,500,000.00. Following the transaction, the chief executive officer owned 2,108,089 shares of the company's stock, valued at approximately $4,216,178. This trade represents a 55.22% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Brock Jeffrey Pierce bought 500,000 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was bought at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the purchase, the director 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. 2.32% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Bit Digital
A number of hedge funds have recently bought and sold shares of the company. Vident Advisory LLC grew its position in shares of Bit Digital by 56.2% in the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock worth $9,360,000 after acquiring an additional 1,149,727 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Bit Digital by 116.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company's stock worth $5,127,000 after purchasing an additional 943,214 shares during the last quarter. Millennium Management LLC boosted its holdings in Bit Digital by 62.6% in the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock worth $4,721,000 after purchasing an additional 899,967 shares during the period. Uniplan Investment Counsel Inc. increased its stake in Bit Digital by 203.8% during the first quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company's stock valued at $2,200,000 after purchasing an additional 730,766 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Bit Digital during the fourth quarter worth $887,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.
About Bit Digital
(
Get Free Report)
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.
Further Reading
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