Bit Digital (NASDAQ:BTBT) Trading Up 6.8% - What's Next?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares traded up 6.8% during mid-day trading on Wednesday . The company traded as high as $2.01 and last traded at $1.98. 5,876,918 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 13,367,780 shares. The stock had previously closed at $1.85.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BTBT shares. Craig Hallum started coverage on Bit Digital in a research note on Tuesday, January 21st. They issued a "buy" rating and a $6.00 price objective for the company. HC Wainwright reiterated a "buy" rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday, April 21st.

Bit Digital Price Performance

The company has a market capitalization of $381.96 million, a P/E ratio of 34.83 and a beta of 6.05. The stock's fifty day simple moving average is $2.20 and its 200-day simple moving average is $3.21.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings data on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The business had revenue of $26.10 million for the quarter, compared to analyst estimates of $25.06 million. During the same period in the prior year, the firm posted ($0.16) EPS. On average, research analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. OLD Mission Capital LLC bought a new stake in shares of Bit Digital in the fourth quarter valued at about $31,000. Stifel Financial Corp bought a new stake in shares of Bit Digital during the third quarter valued at approximately $38,000. Cibc World Markets Corp acquired a new position in shares of Bit Digital in the fourth quarter valued at $33,000. Wedbush Securities Inc. bought a new position in Bit Digital in the fourth quarter worth $37,000. Finally, Orion Portfolio Solutions LLC acquired a new stake in Bit Digital during the fourth quarter worth $38,000. 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.