Bit Digital (NASDAQ:BTBT) Trading Up 5.3% - Here's Why

Key Points

• Bit Digital's share price increased by 5.3% to $2.69, despite a 71% decline in trading volume compared to its average.
• HC Wainwright has set a $7.00 price target for Bit Digital shares, with the stock receiving an average rating of "Buy" and an average target price of $6.33.
• Recent insider trading shows the CEO and a director collectively purchased 1.25 million 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 share price was up 5.3% during trading on Tuesday . The company traded as high as $2.75 and last traded at $2.69. Approximately 6,865,816 shares were traded during trading, a decline of 71% from the average daily volume of 23,965,125 shares. The stock had previously closed at $2.55.

Wall Street Analyst Weigh In

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

Bit Digital Price Performance

The business's 50-day moving average price is $3.03 and its two-hundred day moving average price is $2.52. The company has a market capitalization of $895.18 million, a price-to-earnings ratio of -8.98 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 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 company had revenue of $25.66 million during the quarter, compared to the consensus estimate of $27.46 million. As a group, research analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current year.

Insider Activity at Bit Digital

In other news, Director Brock Jeffrey Pierce acquired 500,000 shares of the stock in a transaction on Wednesday, June 25th. The stock was acquired at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the transaction, the director directly owned 500,000 shares in the company, valued at approximately $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available 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 purchased at an average price of $2.00 per share, with a total value of $1,500,000.00. Following the completion of the transaction, the chief executive officer owned 2,108,089 shares of the company's stock, valued at approximately $4,216,178. This represents a 55.22% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BTBT. Stifel Financial Corp lifted its stake in shares of Bit Digital by 31.0% in the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock valued at $41,000 after acquiring an additional 3,320 shares during the last quarter. Byrne Asset Management LLC grew its position in Bit Digital by 22.5% during the 2nd quarter. Byrne Asset Management LLC now owns 21,492 shares of the company's stock worth $47,000 after acquiring an additional 3,954 shares during the last quarter. Plancorp LLC grew its position in Bit Digital by 34.8% during the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company's stock worth $34,000 after acquiring an additional 4,000 shares during the last quarter. Kingsview Wealth Management LLC grew its position in Bit Digital by 17.3% during the 2nd quarter. Kingsview Wealth Management LLC now owns 28,295 shares of the company's stock worth $62,000 after acquiring an additional 4,175 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Bit Digital by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company's stock worth $402,000 after acquiring an additional 4,374 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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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