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

Key Points

• Bit Digital experienced a significant surge in options trading, with investors purchasing 79,865 call options, a 76% increase from the average volume.
• Institutional investors recently increased their stakes in Bit Digital, with firms like Balyasny Asset Management and Valiant Capital Management investing millions.
• Research analysts have upgraded Bit Digital's stock rating and set a consensus price target of $6.33, while the stock is currently trading around $3.53.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) was the recipient of some unusual options trading activity on Friday. Investors bought 79,865 call options on the company. This represents an increase of approximately 76% compared to the typical volume of 45,323 call options.

Institutional Investors Weigh In On Bit Digital

Institutional investors have recently modified their holdings of the stock. Balyasny Asset Management L.P. acquired a new stake in shares of Bit Digital in the second quarter valued at approximately $10,385,000. Valiant Capital Management L.P. acquired a new position in shares of Bit Digital during the second quarter valued at approximately $8,760,000. Allspring Global Investments Holdings LLC bought a new stake in Bit Digital during the second quarter worth approximately $7,512,000. Hood River Capital Management LLC bought a new stake in Bit Digital during the second quarter worth approximately $5,703,000. Finally, Conversant Capital LLC bought a new stake in Bit Digital during the second quarter worth approximately $4,982,000. Institutional investors and hedge funds own 47.70% of the company's stock.

Analysts Set New Price Targets

BTBT has been the subject of several research reports. Wall Street Zen upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of Bit Digital in a research report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $6.33.

Bit Digital Stock Up 1.0%

Shares of NASDAQ BTBT traded up $0.04 during trading on Friday, hitting $3.53. 27,292,919 shares of the company traded hands, compared to its average volume of 24,679,928. Bit Digital has a 1 year low of $1.69 and a 1 year high of $5.74. The company has a 50-day moving average price of $2.93 and a 200-day moving average price of $2.60. The firm has a market capitalization of $1.13 billion, a P/E ratio of -11.34 and a beta of 4.77.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. The company had revenue of $25.66 million during the quarter, compared to analysts' expectations of $27.46 million. Research analysts predict that Bit Digital will post -0.2 EPS for the current fiscal year.

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.

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