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

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.

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

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.