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Bit Digital (NASDAQ:BTBT) Trading 5.8% Higher - Still a Buy?

Bit Digital logo with Business Services background

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares traded up 5.8% on Wednesday . The stock traded as high as $2.48 and last traded at $2.45. 10,440,279 shares traded hands during trading, a decline of 33% from the average session volume of 15,475,858 shares. The stock had previously closed at $2.31.

Wall Street Analysts Forecast Growth

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

Get Our Latest Stock Analysis on BTBT

Bit Digital Stock Performance

The stock's 50-day moving average is $2.37 and its 200 day moving average is $2.60. The stock has a market capitalization of $630.80 million, a PE ratio of -6.44 and a beta of 5.25.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported ($0.05) EPS for the quarter, meeting analysts' consensus estimates of ($0.05). Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. The firm had revenue of $25.11 million for the quarter, compared to the consensus estimate of $26.38 million. Analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Insider Buying and Selling at Bit Digital

In other Bit Digital news, Director Brock Jeffrey Pierce acquired 500,000 shares of the stock in a transaction on Wednesday, June 25th. The shares were bought at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the transaction, the director owned 500,000 shares of the company's stock, valued at approximately $1,000,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Samir Tabar acquired 750,000 shares of the stock in a transaction on Wednesday, June 25th. The shares were acquired at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,108,089 shares in the company, valued at $4,216,178. The trade was a 55.22% increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.32% of the company's stock.

Institutional Trading of Bit Digital

Several hedge funds have recently made changes to their positions in BTBT. Cerity Partners LLC acquired a new stake in shares of Bit Digital in the 1st quarter worth $25,000. OLD Mission Capital LLC acquired a new stake in shares of Bit Digital in the 4th quarter worth $31,000. Advance Capital Management Inc. acquired a new stake in shares of Bit Digital in the 1st quarter worth $31,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Bit Digital by 2,892.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company's stock worth $31,000 after acquiring an additional 14,692 shares during the period. Finally, Cibc World Markets Corp acquired a new stake in shares of Bit Digital in the 4th quarter worth $33,000. Institutional investors and hedge funds own 47.70% of the company's stock.

Bit Digital Company Profile

(Get Free Report)

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.

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