Traders Purchase High Volume of Call Options on Bit Digital (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 some unusual options trading on Tuesday. Investors bought 38,654 call options on the company. Thisrepresentsanincreaseof71% compared to the typical volume of 22,665 call options.

Insiders Place Their Bets

In other news, CEO Samir Tabar purchased 750,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was bought at an average cost 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 approximately $4,216,178. The trade was a 55.22% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available 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 stock was bought at an average price of $2.00 per share, with a total value of $1,000,000.00. Following the completion of the acquisition, the director directly owned 500,000 shares of the company's stock, valued at $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.32% of the stock is currently owned by corporate insiders.

Institutional Trading of Bit Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC increased its position in Bit Digital by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 33,753 shares of the company's stock valued at $99,000 after buying an additional 11,107 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in Bit Digital in the 4th quarter valued at about $46,000. Tower Research Capital LLC TRC lifted its position in Bit Digital by 90.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company's stock valued at $46,000 after acquiring an additional 7,395 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Bit Digital during the 4th quarter valued at about $378,000. Finally, MetLife Investment Management LLC boosted its stake in Bit Digital by 18.1% during the 4th quarter. MetLife Investment Management LLC now owns 82,357 shares of the company's stock valued at $241,000 after purchasing an additional 12,640 shares during the last quarter. 47.70% of the stock is owned by institutional investors.

Bit Digital Stock Down 6.5%

Bit Digital stock traded down $0.19 during trading hours on Friday, reaching $2.72. 19,940,248 shares of the company's stock were exchanged, compared to its average volume of 57,510,424. The firm's 50 day simple moving average is $2.82 and its 200 day simple moving average is $2.60. Bit Digital has a twelve month low of $1.69 and a twelve month high of $5.74. The firm has a market capitalization of $870.29 million, a PE ratio of -5.79 and a beta of 4.90.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.05). Bit Digital had a negative return on equity of 10.83% and a negative net margin of 77.27%. The firm had revenue of $25.11 million during the quarter, compared to the consensus estimate of $26.38 million. Analysts anticipate that Bit Digital will post -0.2 EPS for the current year.

Wall Street Analyst Weigh In

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

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.