Bit Digital (NASDAQ:BTBT) Shares Gap Up - Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $3.74, but opened at $3.92. Bit Digital shares last traded at $3.67, with a volume of 25,005,276 shares changing hands.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a "buy" rating and set a $7.00 price objective on shares of Bit Digital in a report on Thursday, June 26th.

Bit Digital Price Performance

The stock has a market capitalization of $751.75 million, a PE ratio of -7.67 and a beta of 5.25. The business's fifty day moving average price is $2.43 and its 200-day moving average price is $2.60.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.05). The business had revenue of $25.11 million for the quarter, compared to the consensus estimate of $26.38 million. Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. On average, analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Bit Digital news, CEO Samir Tabar purchased 750,000 shares of Bit Digital stock in a transaction on Wednesday, June 25th. The shares were acquired at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,108,089 shares of the company's stock, valued at approximately $4,216,178. The trade was a 55.22% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Brock Jeffrey Pierce purchased 500,000 shares of Bit Digital 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 $1,000,000.00. Following the completion of the transaction, the director directly owned 500,000 shares of the company's stock, valued at approximately $1,000,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 41.30% of the company's stock.

Institutional Trading of Bit Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BTBT. Cerity Partners LLC purchased a new position in shares of Bit Digital in the 1st quarter worth about $25,000. OLD Mission Capital LLC bought a new stake in shares of Bit Digital during the 4th quarter valued at about $31,000. Advance Capital Management Inc. bought a new position in shares of Bit Digital during the 1st quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd grew its stake in shares of 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 valued at $31,000 after acquiring an additional 14,692 shares during the period. Finally, Cibc World Markets Corp bought a new position in shares of Bit Digital during the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors 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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