Bit Digital (NASDAQ:BTBT) Stock Price Up 8.5% - Should You Buy?

Key Points

• Bit Digital shares rose 8.5% to $1.465 during mid-day trading, although trading volume was 84% below the average daily volume.
• Analyst sentiment is mixed: three analysts rate the stock Buy, one Hold, and one Sell. The overall consensus is Hold, with a $5.12 price target compared with the current share price.
• The company reported a quarterly loss of $0.45 per share, significantly missing the $0.04 loss estimate, despite revenue of $27.92 million exceeding expectations. Bit Digital also posted negative profitability metrics, including a net margin of -145.39%.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price was up 8.5% during mid-day trading on Wednesday . The stock traded as high as $1.5090 and last traded at $1.4650. Approximately 3,937,168 shares were traded during trading, a decline of 84% from the average daily volume of 24,886,652 shares. The stock had previously closed at $1.35.

Analyst Ratings Changes

Several research analysts have weighed in on BTBT shares. Craig Hallum restated a "buy" rating and issued a $3.50 price target on shares of Bit Digital in a research note on Tuesday, July 14th. Weiss Ratings cut shares of Bit Digital from a "sell (d)" rating to a "sell (d-)" rating in a research report on Monday, May 18th. B. Riley Financial restated a "buy" rating on shares of Bit Digital in a research report on Monday, May 18th. Finally, Zacks Research raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Bit Digital has an average rating of "Hold" and a consensus price target of $5.12.

Bit Digital Stock Up 8.1%

The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36. The company's 50-day simple moving average is $1.66 and its 200 day simple moving average is $1.70. The firm has a market cap of $509.82 million, a P/E ratio of -2.15 and a beta of 4.02.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its earnings results on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.41). Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%.The business had revenue of $27.92 million during the quarter, compared to the consensus estimate of $25.73 million. Research analysts anticipate that Bit Digital, Inc. will post -0.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its stake in shares of Bit Digital by 2.4% during the second quarter. American Century Companies Inc. now owns 183,463 shares of the company's stock valued at $402,000 after buying an additional 4,374 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Bit Digital by 60.2% during the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company's stock worth $36,000 after acquiring an additional 6,206 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in Bit Digital by 75.4% during the 4th quarter. Mackenzie Financial Corp now owns 20,073 shares of the company's stock valued at $39,000 after acquiring an additional 8,630 shares during the period. BNP Paribas Financial Markets boosted its holdings in Bit Digital by 99.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 19,992 shares of the company's stock valued at $44,000 after acquiring an additional 9,946 shares during the period. Finally, Swiss National Bank grew its position in Bit Digital by 1.7% in the 4th quarter. Swiss National Bank now owns 630,200 shares of the company's stock valued at $1,191,000 after acquiring an additional 10,500 shares during the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

About Bit Digital

Bit Digital, Inc NASDAQ: BTBT is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company's revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.

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