Bit Digital (NASDAQ:BTBT) Trading Up 7.1% - Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price was up 7.1% during trading on Friday . The stock traded as high as $4.49 and last traded at $4.30. Approximately 15,414,870 shares were traded during trading, a decline of 17% from the average daily volume of 18,468,835 shares. The stock had previously closed at $4.01.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a "buy" rating and issued a $7.00 target price on shares of Bit Digital in a report on Thursday, June 26th.

Bit Digital Stock Down 2.6%

The business has a 50-day moving average price of $2.64 and a two-hundred day moving average price of $2.62. The company has a market cap of $814.52 million, a P/E ratio of -8.35 and a beta of 5.25.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported ($0.05) EPS for the quarter, hitting analysts' consensus estimates of ($0.05). The firm had revenue of $25.11 million during the quarter, compared to analyst estimates of $26.38 million. Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. As a group, sell-side analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Insider Activity

In other Bit Digital news, Director Brock Jeffrey Pierce bought 500,000 shares of the stock in a transaction on Wednesday, June 25th. The stock was purchased at an average price of $2.00 per share, with a total value of $1,000,000.00. Following the completion of the purchase, the director owned 500,000 shares in the company, valued at $1,000,000. The trade was 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 bought 750,000 shares of the stock in a transaction on Wednesday, June 25th. The stock was purchased at an average cost of $2.00 per share, with a total value of $1,500,000.00. Following the acquisition, the chief executive officer owned 2,108,089 shares in the company, 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. 2.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently made changes to their positions in the stock. Cerity Partners LLC bought a new stake in shares of Bit Digital during the 1st quarter valued at about $25,000. OLD Mission Capital LLC bought a new stake in shares of Bit Digital in the 4th quarter valued at $31,000. Advance Capital Management Inc. bought a new stake in shares of Bit Digital in the 1st quarter valued at $31,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Bit Digital by 2,892.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company's stock valued at $31,000 after purchasing an additional 14,692 shares during the period. Finally, Cibc World Markets Corp bought a new position in Bit Digital in the fourth quarter worth approximately $33,000. 47.70% of the stock is currently owned by institutional investors.

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.

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