Bit Digital (NASDAQ:BTBT) Trading 9.5% Higher - What's Next?

Key Points

• Bit Digital's stock price rose by 9.5%, closing at $3.29 after trading as high as $3.22, despite a significant drop in trading volume compared to average sessions.
• Analysts have upgraded Bit Digital's stock ratings, with one firm setting a $7.00 price target while the average target price is currently $6.33, indicating a generally positive sentiment.
• Bit Digital reported a negative net margin of 52.86% and earnings of ($0.03) per share, aligning with analysts' expectations but falling short of revenue estimates.

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) traded up 9.5% during trading on Wednesday . The company traded as high as $3.22 and last traded at $3.29. 13,807,738 shares were traded during trading, a decline of 44% from the average session volume of 24,475,090 shares. The stock had previously closed at $3.00.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Wall Street Zen upgraded shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to MarketBeat, Bit Digital presently has an average rating of "Buy" and an average target price of $6.33.

Bit Digital Trading Up 9.2%

The business's fifty day moving average is $2.92 and its 200 day moving average is $2.59. The firm has a market capitalization of $1.05 billion, a P/E ratio of -10.47 and a beta of 4.77.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.03). Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. The business had revenue of $25.66 million for the quarter, compared to analyst estimates of $27.46 million. As a group, sell-side 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

Large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 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 acquiring an additional 273,480 shares during the period. Uniplan Investment Counsel Inc. raised its holdings in shares of Bit Digital by 203.8% during the first 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 during the period. ProShare Advisors LLC raised its holdings in shares of Bit Digital by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 33,753 shares of the company's stock valued at $99,000 after acquiring an additional 11,107 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of Bit Digital during the fourth quarter valued at approximately $46,000. Finally, Deutsche Bank AG acquired a new stake in shares of Bit Digital during the first quarter valued at approximately $357,000. Institutional investors and hedge funds 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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