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

Key Points

• Bit Digital saw unusually heavy options activity on Monday, with investors buying 27,455 call options—about 186% above its average call volume of 9,610.
• Analyst sentiment is mixed, with several recent rating cuts offset by a few buy ratings. MarketBeat data shows a consensus rating of Hold and a consensus price target of $5.67.
• The stock traded up to $2.04 on Monday, while the company recently reported a quarterly EPS loss of ($0.04), slightly worse than estimates, though revenue came in above expectations.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) was the recipient of unusually large options trading activity on Monday. Investors purchased 27,455 call options on the company. This represents an increase of approximately 186% compared to the average volume of 9,610 call options.

Wall Street Analyst Weigh In

BTBT has been the topic of a number of analyst reports. Wall Street Zen lowered shares of Bit Digital from a "hold" rating to a "sell" rating in a research report on Saturday, March 7th. B. Riley Financial reduced their price target on shares of Bit Digital from $6.00 to $5.00 and set a "buy" rating on the stock in a research report on Thursday, April 2nd. HC Wainwright reiterated a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research report on Thursday, April 2nd. Weiss Ratings lowered shares of Bit Digital from a "hold (c-)" rating to a "sell (d)" rating in a research report on Monday, March 30th. Finally, Zacks Research lowered shares of Bit Digital from a "hold" rating to a "strong sell" rating in a research report on Monday, April 6th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $5.67.

Bit Digital Price Performance

Shares of NASDAQ BTBT traded up $0.24 during trading hours on Monday, hitting $2.04. 19,302,531 shares of the stock were exchanged, compared to its average volume of 23,703,852. The company has a debt-to-equity ratio of 0.13, a quick ratio of 6.39 and a current ratio of 6.39. The company has a market cap of $664.59 million, a PE ratio of -3.74 and a beta of 3.95. The company's fifty day simple moving average is $1.57 and its two-hundred day simple moving average is $2.09. Bit Digital has a 1-year low of $1.25 and a 1-year high of $4.55.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings results on Friday, March 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%.The firm had revenue of $32.34 million for the quarter, compared to analyst estimates of $31.87 million. On average, sell-side analysts predict that Bit Digital will post -0.12 EPS for the current year.

Institutional Trading of Bit Digital

A number of hedge funds have recently added to or reduced their stakes in BTBT. AQR Capital Management LLC boosted its position in Bit Digital by 815.3% in the first quarter. AQR Capital Management LLC now owns 202,648 shares of the company's stock valued at $409,000 after buying an additional 180,509 shares in the last quarter. Millennium Management LLC boosted its position in Bit Digital by 62.6% in the first 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 in the last quarter. JPMorgan Chase & Co. boosted its position in Bit Digital by 304.0% in the second quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company's stock valued at $637,000 after buying an additional 218,789 shares in the last quarter. Legal & General Group Plc boosted its position in Bit Digital by 60.2% in the second quarter. Legal & General Group Plc now owns 16,508 shares of the company's stock valued at $36,000 after buying an additional 6,206 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in Bit Digital by 62.4% in the second quarter. Rhumbline Advisers now owns 258,938 shares of the company's stock valued at $567,000 after buying an additional 99,490 shares in the last quarter. Institutional investors and hedge funds own 47.70% of the company's stock.

Bit Digital Company Profile

Bit Digital, Inc NASDAQ: BTBT is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company's revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.

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