Bit Digital (NASDAQ:BTBT) Trading 3.2% Higher - What's Next?

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) were up 3.2% during mid-day trading on Friday . The company traded as high as $2.11 and last traded at $2.11. Approximately 4,122,398 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 13,407,723 shares. The stock had previously closed at $2.04.

Analyst Ratings Changes

A number of analysts have commented on the company. Craig Hallum started coverage on Bit Digital in a research report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price target for the company. HC Wainwright reiterated a "buy" rating and issued a $7.00 target price on shares of Bit Digital in a research report on Monday, April 21st.

Bit Digital Trading Down 3.8 %

The firm has a 50-day simple moving average of $2.18 and a two-hundred day simple moving average of $3.21. The company has a market capitalization of $371.00 million, a price-to-earnings ratio of 33.83 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its earnings results on Friday, March 14th. The company reported ($0.11) EPS 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 company had revenue of $26.10 million for the quarter, compared to analyst estimates of $25.06 million. During the same period last year, the business earned ($0.16) earnings per share. Equities research analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current year.

Institutional Trading of Bit Digital

A number of hedge funds have recently added to or reduced their stakes in BTBT. Stifel Financial Corp acquired a new position in shares of Bit Digital in the third quarter worth about $38,000. SG Americas Securities LLC raised its holdings in Bit Digital by 427.6% in the 4th quarter. SG Americas Securities LLC now owns 219,520 shares of the company's stock worth $643,000 after purchasing an additional 177,911 shares during the period. Geode Capital Management LLC raised its holdings in Bit Digital by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company's stock worth $8,512,000 after purchasing an additional 42,375 shares during the period. Barclays PLC grew its holdings in Bit Digital by 81.4% in the third quarter. Barclays PLC now owns 235,106 shares of the company's stock valued at $826,000 after purchasing an additional 105,484 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Bit Digital in the fourth quarter valued at approximately $378,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.