Bit Digital (NASDAQ:BTBT) Shares Up 13.6% – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT)’s share price traded up 13.6% during mid-day trading on Monday . The company traded as high as $1.96 and last traded at $2.0450. 8,348,264 shares were traded during mid-day trading, a decline of 65% from the average session volume of 23,579,688 shares. The stock had previously closed at $1.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings lowered shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, March 30th. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. B. Riley Financial cut their target price on shares of Bit Digital from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Thursday, April 2nd. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research note on Thursday, April 2nd. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.67.

Bit Digital Trading Up 18.6%

The stock has a market cap of $697.25 million, a price-to-earnings ratio of -3.88 and a beta of 3.95. The firm’s 50 day moving average is $1.57 and its two-hundred day moving average is $2.09. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.13.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Friday, March 27th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The business had revenue of $32.34 million for the quarter, compared to analyst estimates of $31.87 million. Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%. Equities analysts anticipate that Bit Digital, Inc. will post -0.12 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Hamilton Wealth LLC bought a new position in Bit Digital in the 3rd quarter worth about $30,000. LCM Capital Management Inc bought a new position in Bit Digital in the 3rd quarter worth about $33,000. Rafferty Asset Management LLC bought a new position in Bit Digital in the 3rd quarter worth about $33,000. Walleye Trading LLC bought a new position in Bit Digital in the 2nd quarter worth about $25,000. Finally, Mackenzie Financial Corp bought a new position in Bit Digital in the 3rd quarter worth about $34,000. 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.