BIT Mining (NYSE:BTCM) Trading Up 1% – Here’s What Happened

BIT Mining Limited Sponsored ADR (NYSE:BTCM) rose 1% during trading on Thursday . The company traded as high as $1.01 and last traded at $0.99. Approximately 184,025 shares changed hands during trading, a decline of 55% from the average daily volume of 404,970 shares. The stock had previously closed at $0.98.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of BIT Mining in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, BIT Mining currently has a consensus rating of “Reduce”.

BIT Mining Stock Performance

The company has a market capitalization of $14.87 million, a price-to-earnings ratio of -0.93 and a beta of 3.34. The business’s 50-day simple moving average is $1.08 and its 200-day simple moving average is $2.04.

Institutional Investors Weigh In On BIT Mining

A hedge fund recently bought a new stake in BIT Mining stock. Two Sigma Investments LP purchased a new position in shares of BIT Mining Limited Sponsored ADR (NYSE:BTCM) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned approximately 0.35% of BIT Mining as of its most recent SEC filing. Institutional investors own 5.34% of the company’s stock.

About BIT Mining

Bit Mining Limited, listed on the New York Stock Exchange under the ticker BTCM, is a Cayman Islands–registered blockchain technology company focused on the mining of digital assets. The company maintains self-operated mining farms as well as hosting services for third-party miners, leveraging locations in Sichuan Province, China, and Kazakhstan to capitalize on low-cost power resources. Its operations are supported by proprietary mining pools, including CryptoSTAGE, dedicated to optimizing hash-rate efficiency.

Bit Mining designs, manufactures and markets cryptocurrency mining machines, offering both high-performance hardware and comprehensive after-sales support.