Bit Digital (NASDAQ:BTBT) Trading 7.2% Higher - What's Next?

Key Points

• Bit Digital's stock rose by 7.2% to $2.92 amid mid-day trading, although trading volume decreased significantly to around 7.4 million shares compared to its average of 23.4 million.
• Wall Street analysts, including HC Wainwright, have maintained a "buy" rating on Bit Digital, with a price target of $7.00 per share.
• Insider transactions showed significant activity with the CEO purchasing 750,000 shares at an average price of $2.00, indicating strong confidence in the company’s future.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price was up 7.2% during mid-day trading on Monday . The company traded as high as $2.93 and last traded at $2.92. Approximately 7,438,297 shares were traded during trading, a decline of 68% from the average daily volume of 23,386,941 shares. The stock had previously closed at $2.72.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a "buy" rating and set a $7.00 price target on shares of Bit Digital in a report on Thursday, June 26th.

Bit Digital Price Performance

The firm has a 50-day moving average of $2.82 and a 200-day moving average of $2.59. The stock has a market cap of $998.29 million, a PE ratio of -6.64 and a beta of 4.90.

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

Insiders Place Their Bets

In related news, Director Brock Jeffrey Pierce purchased 500,000 shares of Bit Digital stock in a transaction dated Wednesday, June 25th. The stock was purchased 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 in the company, valued at approximately $1,000,000. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Samir Tabar bought 750,000 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were acquired at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the purchase, the chief executive officer owned 2,108,089 shares in the company, valued at $4,216,178. The trade was a 55.22% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.32% of the company's stock.

Institutional Trading of Bit Digital

Large investors have recently added to or reduced their stakes in the company. Cerity Partners LLC purchased a new stake in Bit Digital during the 1st quarter valued at about $25,000. OLD Mission Capital LLC acquired a new position in shares of Bit Digital in the 4th quarter valued at about $31,000. Advance Capital Management Inc. acquired a new position in shares of Bit Digital in the 1st quarter valued at about $31,000. Caitong International Asset Management Co. Ltd lifted its holdings 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 valued at $31,000 after buying an additional 14,692 shares during the period. Finally, Plancorp LLC lifted its holdings in shares of Bit Digital by 34.8% in the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company's stock valued at $34,000 after buying an additional 4,000 shares during the period. Hedge funds and other 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.

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