Bit Digital (NASDAQ:BTBT) Trading 5.3% Higher - Here's What Happened

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.

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) were 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 traded hands during trading, a decline of 71% from the average daily volume of 23,965,125 shares. The stock had previously closed at $2.55.

Analyst Ratings Changes

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

Bit Digital Stock Up 1.0%

The firm's 50-day moving average is $3.04 and its two-hundred day moving average is $2.53. The stock has a market cap of $954.66 million, a P/E ratio of -9.58 and a beta of 4.77.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). Bit Digital had a negative return on equity of 9.90% and a negative net margin of 52.86%.The company had revenue of $25.66 million for the quarter, compared to the consensus estimate of $27.46 million. Analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Bit Digital

In related news, CEO Samir Tabar acquired 750,000 shares of the stock in a transaction dated 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 approximately $4,216,178. The trade was a 55.22% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brock Jeffrey Pierce acquired 500,000 shares of the stock in a transaction dated Wednesday, June 25th. The stock was bought at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the purchase, the director owned 500,000 shares of the company's stock, valued at $1,000,000. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Bit Digital

Several institutional investors and hedge funds have recently bought and sold shares of BTBT. Stifel Financial Corp increased its holdings in 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 buying an additional 3,320 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Bit Digital by 10.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock valued at $132,000 after buying an additional 4,389 shares during the period. Northern Trust Corp increased its holdings in Bit Digital by 3.6% in the 4th quarter. Northern Trust Corp now owns 756,169 shares of the company's stock valued at $2,216,000 after buying an additional 26,319 shares during the period. BNP Paribas Financial Markets bought a new stake in Bit Digital in the 4th quarter valued at $46,000. Finally, Bank of America Corp DE boosted its stake in shares of Bit Digital by 16.1% in the 4th quarter. Bank of America Corp DE now owns 125,587 shares of the company's stock valued at $368,000 after purchasing an additional 17,374 shares in the last quarter. Institutional investors own 47.70% of the company's stock.

Bit Digital Company Profile

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.