Stock Traders Buy High Volume of Bit Digital Call Options (NASDAQ:BTBT)

Key Points

• Bit Digital saw a significant increase in options trading with investors acquiring 38,654 call options, representing a 71% increase over the typical daily volume.
• HC Wainwright has restated a "buy" rating for Bit Digital with a price target of $7.00 per share.
• CEO Samir Tabar purchased 750,000 shares of the company's stock, increasing his ownership by 55.22% and demonstrating confidence in the company’s future prospects.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) saw unusually large options trading on Tuesday. Stock investors purchased 38,654 call options on the company. Thisrepresentsanincreaseof71% compared to the average volume of 22,665 call options.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, CEO Samir Tabar purchased 750,000 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was bought at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the purchase, the chief executive officer owned 2,108,089 shares of the company's stock, valued at $4,216,178. The trade was a 55.22% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brock Jeffrey Pierce acquired 500,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were purchased at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the acquisition, the director owned 500,000 shares in the company, valued at $1,000,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 2.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bit Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cerity Partners LLC acquired a new position in shares of Bit Digital during the 1st quarter worth approximately $25,000. OLD Mission Capital LLC purchased a new stake in shares of Bit Digital during the 4th quarter valued at $31,000. Advance Capital Management Inc. purchased a new stake in shares of Bit Digital during the 1st quarter valued at $31,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Bit Digital by 2,892.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company's stock valued at $31,000 after buying an additional 14,692 shares during the period. Finally, Plancorp LLC grew its stake in shares of Bit Digital by 34.8% during the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company's stock valued at $34,000 after buying an additional 4,000 shares during the period. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Bit Digital Stock Down 6.0%

NASDAQ:BTBT traded down $0.18 during trading hours on Friday, reaching $2.74. 8,221,304 shares of the stock were exchanged, compared to its average volume of 23,404,850. The business has a 50-day moving average of $2.82 and a two-hundred day moving average of $2.61. Bit Digital has a twelve month low of $1.69 and a twelve month high of $5.74. The company has a market capitalization of $875.10 million, a price-to-earnings ratio of -5.80 and a beta of 5.25.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting 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%. On average, research analysts forecast 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.