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

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) was the target of some unusual options trading on Friday. Investors acquired 38,906 call options on the company. This represents an increase of approximately 200% compared to the typical volume of 12,953 call options.

Insiders Place Their Bets

In other Bit Digital news, CEO Samir Tabar acquired 750,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were acquired at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the transaction, the chief executive officer directly owned 2,108,089 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which is available through this link. Also, Director Brock Jeffrey Pierce acquired 500,000 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was acquired at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the director owned 500,000 shares in the company, valued at $1,000,000. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.32% of the company's stock.

Institutional Investors Weigh In On Bit Digital

Hedge funds and other institutional investors have recently modified their holdings of the company. Vident Advisory LLC lifted its stake in shares of Bit Digital by 56.2% during the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock valued at $9,360,000 after buying an additional 1,149,727 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Bit Digital by 116.9% in the 4th 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 during the last quarter. Millennium Management LLC lifted its stake in shares of Bit Digital by 62.6% during the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock worth $4,721,000 after purchasing an additional 899,967 shares during the period. Uniplan Investment Counsel Inc. boosted 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 during the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of Bit Digital in the fourth quarter valued at $887,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Bit Digital Trading Down 4.0%

Shares of NASDAQ BTBT traded down $0.14 during trading on Friday, reaching $3.33. The company had a trading volume of 46,475,901 shares, compared to its average volume of 17,604,535. Bit Digital has a twelve month low of $1.69 and a twelve month high of $5.74. The stock has a 50-day moving average price of $2.51 and a two-hundred day moving average price of $2.60. The stock has a market capitalization of $694.40 million, a PE ratio of -7.09 and a beta of 5.25.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) EPS for the quarter, hitting analysts' consensus estimates of ($0.05). The firm had revenue of $25.11 million during 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%. On average, sell-side analysts predict that Bit Digital will post -0.2 EPS for the current 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.