Bit Digital Sees Unusually Large Options Volume (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) was the target of unusually large options trading activity on Thursday. Stock investors acquired 19,492 call options on the company. This is an increase of 236% compared to the typical volume of 5,797 call options.

Analyst Ratings Changes

Separately, HC Wainwright reissued a "buy" rating and issued a $7.00 target price on shares of Bit Digital in a research note on Thursday.

Insider Transactions at Bit Digital

In related news, CEO Samir Tabar bought 750,000 shares of the stock in a transaction on Wednesday, June 25th. The shares were purchased at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the acquisition, the chief executive officer now owns 2,108,089 shares in the company, valued at $4,216,178. This represents a 55.22% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Brock Jeffrey Pierce purchased 500,000 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was bought at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the completion of the acquisition, the director now owns 500,000 shares of the company's stock, valued at approximately $1,000,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.32% of the company's stock.

Hedge Funds Weigh In On Bit Digital

Several large investors have recently added to or reduced their stakes in BTBT. Cerity Partners LLC acquired a new position in shares of Bit Digital during the 1st quarter valued at about $25,000. OLD Mission Capital LLC purchased a new stake in Bit Digital in the fourth quarter valued at approximately $31,000. Advance Capital Management Inc. acquired a new position in Bit Digital during the first quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd raised its stake in 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 worth $31,000 after purchasing an additional 14,692 shares during the period. Finally, Cibc World Markets Corp acquired a new position in shares of Bit Digital in the 4th quarter valued at $33,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Bit Digital Price Performance

BTBT stock traded up $0.02 during midday trading on Friday, hitting $2.01. The stock had a trading volume of 52,748,127 shares, compared to its average volume of 15,043,270. The company's 50-day moving average price is $2.30 and its 200 day moving average price is $2.66. The firm has a market cap of $419.15 million, a PE ratio of -4.28 and a beta of 5.36. Bit Digital has a 12-month low of $1.69 and a 12-month high of $5.74.

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

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.