Bit Digital (NASDAQ:BTBT) Shares Gap Up - Here's What Happened

Key Points

• Bit Digital, Inc. shares gapped up from a prior close of $3.65 to open at $3.91 on Monday, with a last traded price of $4.23 and a high trading volume of over 10 million shares.
• Equities analysts have mixed ratings for Bit Digital, with one Strong Buy, two Buy, and one Sell, culminating in a consensus rating of "Moderate Buy" and a target price of $6.33.
• Recent quarterly earnings showed Bit Digital reported ($0.03) EPS with revenues of $25.66 million, below analyst expectations, as analysts predict a -0.2 earnings per share for the current fiscal year.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $3.65, but opened at $3.91. Bit Digital shares last traded at $4.23, with a volume of 10,880,520 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BTBT shares. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Bit Digital in a research report on Wednesday, October 8th. HC Wainwright reiterated a "buy" rating and set a $7.00 price objective on shares of Bit Digital in a research note on Monday, August 18th. Finally, Wall Street Zen raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a report on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $6.33.

Bit Digital Stock Up 17.1%

The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -13.82 and a beta of 4.77. The stock's 50 day moving average price is $3.11 and its two-hundred day moving average price is $2.73.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $25.66 million for the quarter, compared to analyst estimates of $27.46 million. Bit Digital had a negative return on equity of 9.90% and a negative net margin of 52.86%. On average, analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTBT. Sheets Smith Wealth Management purchased a new position in Bit Digital during the third quarter worth approximately $30,000. Walleye Trading LLC purchased a new position in Bit Digital during the second quarter worth about $25,000. Cerity Partners LLC acquired a new position in Bit Digital in the 1st quarter valued at about $25,000. Vontobel Holding Ltd. acquired a new position in Bit Digital in the 3rd quarter valued at about $40,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Bit Digital by 2,892.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company's stock valued at $31,000 after buying an additional 14,692 shares during the period. Institutional investors and hedge funds 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.

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