Bit Digital (NASDAQ:BTBT) Stock Price Up 5.8% - What's Next?

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

Analyst Ratings Changes

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

Bit Digital Price Performance

The stock has a 50-day moving average of $2.37 and a 200-day moving average of $2.60. The firm has a market cap of $630.80 million, a price-to-earnings 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) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.05). The firm had revenue of $25.11 million for the quarter, compared to analysts' expectations of $26.38 million. Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. On average, equities analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Insider Activity

In related news, Director Brock Jeffrey Pierce acquired 500,000 shares of Bit Digital stock in a transaction dated Wednesday, June 25th. The stock was bought at an average price of $2.00 per share, with a total value of $1,000,000.00. Following the transaction, the director directly owned 500,000 shares in the company, valued at $1,000,000. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Samir Tabar bought 750,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was purchased at an average cost of $2.00 per share, with a total value 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. This represents a 55.22% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Uniplan Investment Counsel Inc. lifted its stake in Bit Digital by 203.8% during the 1st quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company's stock valued at $2,200,000 after acquiring an additional 730,766 shares in the last quarter. Millennium Management LLC grew its stake in shares of Bit Digital by 62.6% during the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock worth $4,721,000 after acquiring an additional 899,967 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Bit Digital by 14.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company's stock worth $4,306,000 after purchasing an additional 273,480 shares in the last quarter. AQR Capital Management LLC grew its stake in Bit Digital by 815.3% in the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company's stock valued at $409,000 after buying an additional 180,509 shares in the last quarter. Finally, OLD Mission Capital LLC grew its position in shares of Bit Digital by 112.6% in the first quarter. OLD Mission Capital LLC now owns 22,302 shares of the company's stock valued at $45,000 after purchasing an additional 11,812 shares in the last quarter. 47.70% of the stock is owned by 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.