Bit Digital (NASDAQ:BTBT) Trading Up 6.8% - Here's Why

Key Points

• Bit Digital shares rose 6.8% on Monday, briefly hitting $1.50 before closing near $1.495, with trading volume far below its daily average.
• Analyst sentiment remains mixed, with several firms maintaining Buy ratings and price targets as high as $7, while others have downgraded the stock; the consensus view is currently Hold with a $5.12 average target.
• The company’s latest earnings showed a wider-than-expected loss, as EPS came in at -$0.45 versus expectations of -$0.04, even though revenue of $27.92 million beat estimates.

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) were up 6.8% on Monday . The stock traded as high as $1.50 and last traded at $1.4950. Approximately 2,397,020 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 25,151,051 shares. The stock had previously closed at $1.40.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BTBT shares. B. Riley Financial reaffirmed a "buy" rating on shares of Bit Digital in a report on Monday, May 18th. HC Wainwright restated a "buy" rating and set a $7.00 target price on shares of Bit Digital in a research report on Thursday, April 2nd. Craig Hallum restated a "buy" rating and set a $3.50 target price on shares of Bit Digital in a research report on Tuesday, July 14th. Zacks Research cut shares of Bit Digital from a "hold" rating to a "strong sell" rating in a research note on Monday, April 6th. Finally, Weiss Ratings downgraded shares of Bit Digital from a "sell (d)" rating to a "sell (d-)" rating in a report on Monday, May 18th. Three research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $5.12.

Bit Digital Price Performance

The firm has a market cap of $539.50 million, a PE ratio of -2.27 and a beta of 4.02. The firm has a fifty day simple moving average of $1.86 and a two-hundred day simple moving average of $1.79. The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.41). The firm had revenue of $27.92 million during the quarter, compared to the consensus estimate of $25.73 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%. Equities analysts predict that Bit Digital, Inc. will post -0.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC increased its holdings in shares of Bit Digital by 815.3% in the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company's stock worth $409,000 after buying an additional 180,509 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Bit Digital by 62.6% in the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock valued at $4,721,000 after acquiring an additional 899,967 shares during the last quarter. JPMorgan Chase & Co. grew its position in Bit Digital by 304.0% in the second quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company's stock worth $637,000 after acquiring an additional 218,789 shares in the last quarter. Legal & General Group Plc grew its position in Bit Digital by 60.2% in the second quarter. Legal & General Group Plc now owns 16,508 shares of the company's stock worth $36,000 after acquiring an additional 6,206 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in Bit Digital by 62.4% during the second quarter. Rhumbline Advisers now owns 258,938 shares of the company's stock worth $567,000 after acquiring an additional 99,490 shares during the last quarter. Institutional investors own 47.70% of the company's stock.

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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