Bit Digital (NASDAQ:BTBT) Trading 8.7% Higher - Still a Buy?

Key Points

• Shares of Bit Digital jumped 8.7% on Tuesday to about $1.565 with 12.0 million shares traded (roughly a 51% decline versus average volume); the stock sits near its 50‑day SMA of $1.60 and well below its 200‑day SMA of $2.32.
• Analyst sentiment is mixed—two firms rate the stock a Buy (HC Wainwright with a $7 target; B. Riley cut its target to $5) while multiple outlets have downgraded to Sell, leaving a MarketBeat consensus rating of Hold and a $5.67 consensus price target.
• Fundamentals remain weak: market cap ~$494.8M, the company reported Q EPS of ($0.04) (missing estimates) on $32.34M revenue, and has a negative net margin (~70.7%) with analysts forecasting roughly −$0.20 EPS for the fiscal year.

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) traded up 8.7% during trading on Tuesday . The stock traded as high as $1.57 and last traded at $1.5650. 12,012,695 shares traded hands during trading, a decline of 51% from the average session volume of 24,447,400 shares. The stock had previously closed at $1.44.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. B. Riley Financial reduced their target price on shares of Bit Digital from $6.00 to $5.00 and set a "buy" rating on the stock in a report on Thursday, April 2nd. Weiss Ratings lowered shares of Bit Digital from a "hold (c-)" rating to a "sell (d)" rating in a report on Monday, March 30th. Zacks Research lowered shares of Bit Digital from a "hold" rating to a "strong sell" rating in a report on Monday, April 6th. Wall Street Zen cut shares of Bit Digital from a "hold" rating to a "sell" rating in a research report on Saturday, March 7th. Finally, HC Wainwright reissued a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research report on Thursday, April 2nd. Two investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Bit Digital presently has an average rating of "Hold" and a consensus price target of $5.67.

Bit Digital Stock Up 5.2%

The firm has a market cap of $494.76 million, a PE ratio of -2.75 and a beta of 4.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 6.39 and a current ratio of 6.39. The company's 50-day simple moving average is $1.60 and its two-hundred day simple moving average is $2.32.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings results on Friday, March 27th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $32.34 million for the quarter, compared to analysts' expectations of $31.87 million. Bit Digital had a negative net margin of 70.70% and a negative return on equity of 5.39%. On average, analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Several institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. lifted its position in shares of Bit Digital by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company's stock worth $402,000 after purchasing an additional 4,374 shares during the period. Legal & General Group Plc lifted its position in shares of Bit Digital by 60.2% in the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company's stock worth $36,000 after purchasing an additional 6,206 shares during the period. Ameritas Investment Partners Inc. lifted its position in shares of Bit Digital by 43.5% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 26,584 shares of the company's stock worth $80,000 after purchasing an additional 8,060 shares during the period. Mackenzie Financial Corp lifted its position in shares of Bit Digital by 75.4% in the 4th quarter. Mackenzie Financial Corp now owns 20,073 shares of the company's stock worth $39,000 after purchasing an additional 8,630 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Bit Digital by 78.9% in the 3rd quarter. Principal Financial Group Inc. now owns 22,227 shares of the company's stock worth $67,000 after purchasing an additional 9,803 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

About Bit Digital

Bit Digital, Inc NASDAQ: BTBT is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company's revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.

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