Bit Digital (NASDAQ:BTBT) Trading Up 7.7% - Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares shot up 7.7% during trading on Tuesday . The stock traded as high as $1.90 and last traded at $1.90. 4,028,268 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 13,353,983 shares. The stock had previously closed at $1.76.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BTBT. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Bit Digital in a report on Monday, April 21st. Craig Hallum initiated coverage on shares of Bit Digital in a research note on Tuesday, January 21st. They set a "buy" rating and a $6.00 target price on the stock.

Bit Digital Stock Performance

The company has a market cap of $381.96 million, a PE ratio of 34.83 and a beta of 6.05. The company has a 50 day simple moving average of $2.20 and a two-hundred day simple moving average of $3.21.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings results on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The company had revenue of $26.10 million for the quarter, compared to analyst estimates of $25.06 million. During the same quarter in the prior year, the business posted ($0.16) earnings per share. As a group, analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Bit Digital

Several hedge funds and other institutional investors have recently modified their holdings of BTBT. Vident Advisory LLC raised its stake in shares of Bit Digital by 56.2% during the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock worth $9,360,000 after purchasing an additional 1,149,727 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Bit Digital by 116.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company's stock valued at $5,127,000 after acquiring an additional 943,214 shares in the last quarter. Millennium Management LLC grew its position in Bit Digital by 30.1% in the fourth quarter. Millennium Management LLC now owns 1,437,250 shares of the company's stock worth $4,211,000 after acquiring an additional 332,513 shares in the last quarter. Jump Financial LLC acquired a new position in shares of Bit Digital during the 4th quarter worth $887,000. Finally, Two Seas Capital LP lifted its stake in shares of Bit Digital by 60.6% in the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company's stock valued at $1,941,000 after purchasing an additional 250,000 shares during the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

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.