Bit Digital (NASDAQ:BTBT) Trading 7.3% Higher - Here's Why

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares traded up 7.3% on Wednesday . The stock traded as high as $2.66 and last traded at $2.65. 7,985,145 shares were traded during trading, a decline of 45% from the average session volume of 14,416,976 shares. The stock had previously closed at $2.47.

Analysts Set New Price Targets

Separately, HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research report on Monday, May 19th.

Bit Digital Trading Up 9.1%

The company has a market cap of $550.62 million, a price-to-earnings ratio of 44.17 and a beta of 5.36. The stock's fifty day simple moving average is $2.12 and its 200 day simple moving average is $2.87.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) EPS for the quarter, meeting analysts' consensus estimates of ($0.05). The company had revenue of $25.11 million during the quarter, compared to the consensus estimate of $26.38 million. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. On average, analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current year.

Institutional Trading of Bit Digital

Several hedge funds have recently made changes to their positions in the company. Vident Advisory LLC grew its stake in shares of Bit Digital by 56.2% in the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock valued at $9,360,000 after buying an additional 1,149,727 shares during the period. Millennium Management LLC grew its stake 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 buying an additional 899,967 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Bit Digital by 14.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company's stock valued at $4,306,000 after buying an additional 273,480 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Bit Digital by 12.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company's stock valued at $3,971,000 after buying an additional 215,956 shares during the period. Finally, Uniplan Investment Counsel Inc. grew its stake in shares of Bit Digital by 203.8% in the 1st quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company's stock valued at $2,200,000 after buying an additional 730,766 shares during the period. Hedge funds and other 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.