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

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $3.29, but opened at $3.50. Bit Digital shares last traded at $3.62, with a volume of 27,876,239 shares trading hands.

Analyst Upgrades and Downgrades

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

Bit Digital Stock Down 4.2%

The stock has a 50-day simple moving average of $2.68 and a two-hundred day simple moving average of $2.62. The firm has a market cap of $1.14 billion, a PE ratio of -8.17 and a beta of 5.25.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings data 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 return on equity of 10.83% and a negative net margin of 77.27%. The firm had revenue of $25.11 million for the quarter, compared to analysts' expectations of $26.38 million. Research analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Insider Transactions at Bit Digital

In related news, CEO Samir Tabar acquired 750,000 shares of Bit Digital stock in a transaction dated Wednesday, June 25th. The shares were purchased at an average cost of $2.00 per share, with a total value of $1,500,000.00. Following the completion of the purchase, the chief executive officer owned 2,108,089 shares of the company's stock, valued at $4,216,178. This represents a 55.22% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Brock Jeffrey Pierce acquired 500,000 shares of Bit Digital stock in a transaction dated Wednesday, June 25th. The shares were bought at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, 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 position. The disclosure for this purchase can be found here. 2.32% of the stock is currently owned by company insiders.

Institutional Trading of Bit Digital

Large investors have recently modified their holdings of the business. ProShare Advisors LLC grew its stake in shares of Bit Digital by 49.0% in the fourth 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 last quarter. BNP Paribas Financial Markets bought a new stake in shares of Bit Digital in the fourth quarter worth about $46,000. Tower Research Capital LLC TRC grew its stake in shares of Bit Digital by 90.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company's stock worth $46,000 after purchasing an additional 7,395 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Bit Digital in the fourth quarter worth about $378,000. Finally, MetLife Investment Management LLC grew its stake in shares of Bit Digital by 18.1% in the fourth quarter. MetLife Investment Management LLC now owns 82,357 shares of the company's stock worth $241,000 after purchasing an additional 12,640 shares during the last quarter. 47.70% of the stock is owned by institutional investors.

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.