Bit Digital (NASDAQ:BTBT) Trading 7.2% Higher - Here's What Happened

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 traded up 7.2% during trading on Monday . The stock traded as high as $2.93 and last traded at $2.92. 7,438,297 shares were traded during trading, a decline of 68% from the average session volume of 23,386,941 shares. The stock had previously closed at $2.72.

Analyst Ratings Changes

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

Bit Digital Price Performance

The firm has a market capitalization of $923.08 million, a PE ratio of -6.14 and a beta of 4.90. The firm's fifty day moving average is $2.88 and its two-hundred day moving average is $2.59.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, meeting 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%. As a group, equities research analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in Bit Digital by 24.2% in the second quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company's stock worth $7,853,000 after purchasing an additional 699,134 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Bit Digital in the second quarter worth about $7,512,000. Vident Advisory LLC grew its holdings in Bit Digital by 56.2% in the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock worth $9,360,000 after purchasing an additional 1,149,727 shares during the period. Millennium Management LLC grew its holdings in shares of Bit Digital by 62.6% during the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock valued at $4,721,000 after buying an additional 899,967 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Bit Digital by 14.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company's stock valued at $4,306,000 after purchasing an additional 273,480 shares during the period. 47.70% of the stock is owned by institutional investors.

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.