Bit Digital (NASDAQ:BTBT) Stock Price Up 0.3% - Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price was up 0.3% during mid-day trading on Monday . The stock traded as high as $1.84 and last traded at $1.79. Approximately 3,000,250 shares changed hands during trading, a decline of 81% from the average daily volume of 15,784,246 shares. The stock had previously closed at $1.78.

Wall Street Analysts Forecast Growth

BTBT has been the topic of a number of research analyst reports. Craig Hallum started coverage on shares of Bit Digital in a report on Tuesday, January 21st. They issued a "buy" rating and a $6.00 price target on the stock. HC Wainwright reiterated a "buy" rating and issued a $7.00 target price on shares of Bit Digital in a research report on Monday.

Bit Digital Price Performance

The stock has a market capitalization of $381.96 million, a PE ratio of 34.83 and a beta of 6.05. The firm's 50 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 issued its earnings results on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $25.06 million. During the same quarter in the previous year, the business earned ($0.16) EPS. Analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Stifel Financial Corp grew its position in Bit Digital by 31.0% during the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock worth $41,000 after acquiring an additional 3,320 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Bit Digital by 10.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock worth $132,000 after purchasing an additional 4,389 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Bit Digital by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company's stock worth $843,000 after buying an additional 6,621 shares during the period. Rhumbline Advisers raised its holdings in Bit Digital by 4.5% during the 4th quarter. Rhumbline Advisers now owns 156,715 shares of the company's stock valued at $459,000 after buying an additional 6,809 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Bit Digital by 90.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company's stock valued at $46,000 after buying an additional 7,395 shares during the last quarter. Institutional investors own 47.70% of the company's stock.

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.