Bit Digital (NASDAQ:BTBT) Trading 9% Higher - Should You Buy?

Key Points

• Bit Digital shares rose 9% to about $1.52, although trading volume was roughly 80% below the stock’s average session volume.
• Analyst sentiment is mixed: three analysts rate the stock Buy, one rates it Hold and one rates it Sell. The overall consensus is Hold, with a $5.12 average price target.
• The company remains financially challenged, reporting a quarterly loss of $0.31 per share versus expectations of a $0.05 loss, alongside a negative net margin of 237.19%; Bit Digital operates as a Bitcoin mining company.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price shot up 9% during trading on Thursday . The company traded as high as $1.53 and last traded at $1.5150. Approximately 5,059,938 shares traded hands during trading, a decline of 80% from the average session volume of 25,689,928 shares. The stock had previously closed at $1.39.

Wall Street Analyst Weigh In

Several analysts have commented on BTBT shares. Zacks Research upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th. B. Riley Financial reaffirmed a "buy" rating on shares of Bit Digital in a report on Monday, May 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bit Digital in a research report on Thursday, August 13th. Finally, Craig Hallum reiterated a "buy" rating and issued a $3.50 price objective on shares of Bit Digital in a report on Tuesday, July 14th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $5.12.

Bit Digital Stock Up 16.9%

The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.69. The company has a market cap of $586.02 million, a P/E ratio of -1.53 and a beta of 3.97. The company has a fifty day moving average of $1.53 and a 200 day moving average of $1.65.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.26). The firm had revenue of $32.11 million for the quarter, compared to analysts' expectations of $23.58 million. Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. On average, research analysts anticipate that Bit Digital, Inc. will post -0.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Institutional investors have recently made changes to their positions in the business. Walleye Trading LLC bought a new stake in Bit Digital during the second quarter valued at approximately $25,000. Cerity Partners LLC purchased a new position in shares of Bit Digital during the 4th quarter worth $26,000. nVerses Capital LLC bought a new stake in shares of Bit Digital during the 4th quarter valued at $26,000. E6 Portfolios LLC bought a new stake in shares of Bit Digital during the 4th quarter valued at $28,000. Finally, Simplify Asset Management Inc. purchased a new stake in shares of Bit Digital in the 1st quarter worth $31,000. Institutional investors own 47.70% of the company's stock.

About Bit Digital

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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