Bit Digital (NASDAQ:BTBT) Trading Up 9.6% - Here's What Happened

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price traded up 9.6% on Tuesday . The company traded as high as $4.30 and last traded at $3.82. 51,362,644 shares changed hands during trading, an increase of 207% from the average session volume of 16,757,639 shares. The stock had previously closed at $3.48.

Wall Street Analyst Weigh In

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

Bit Digital Stock Performance

The business has a fifty day moving average of $2.39 and a 200-day moving average of $2.59. The company has a market capitalization of $771.56 million, a P/E ratio of -7.87 and a beta of 5.25.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Bit Digital had a negative return on equity of 10.83% and a negative net margin of 77.27%. The business had revenue of $25.11 million for the quarter, compared to analysts' expectations of $26.38 million. Sell-side analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current year.

Insiders Place Their Bets

In other Bit Digital news, Director Brock Jeffrey Pierce bought 500,000 shares of the stock in a transaction dated Wednesday, June 25th. The shares were bought at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the purchase, the director directly owned 500,000 shares of the company's stock, valued at approximately $1,000,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Samir Tabar bought 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 directly owned 2,108,089 shares in the company, valued at approximately $4,216,178. This trade represents a 55.22% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 41.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BTBT. Uniplan Investment Counsel Inc. grew its holdings in shares of Bit Digital by 203.8% during the first quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company's stock worth $2,200,000 after purchasing an additional 730,766 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Bit Digital by 62.6% during the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock valued at $4,721,000 after purchasing an additional 899,967 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Bit Digital by 14.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company's stock worth $4,306,000 after purchasing an additional 273,480 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Bit Digital by 815.3% in the first quarter. AQR Capital Management LLC now owns 202,648 shares of the company's stock worth $409,000 after purchasing an additional 180,509 shares during the last quarter. Finally, OLD Mission Capital LLC grew its holdings in shares of Bit Digital by 112.6% in the first quarter. OLD Mission Capital LLC now owns 22,302 shares of the company's stock worth $45,000 after purchasing an additional 11,812 shares during the last quarter. 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.

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