Bit Digital (NASDAQ:BTBT) Trading Up 9.5% – Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price shot up 9.5% during trading on Monday . The stock traded as high as $1.80 and last traded at $1.7950. 11,491,437 shares were traded during mid-day trading, a decline of 53% from the average session volume of 24,592,061 shares. The stock had previously closed at $1.64.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BTBT shares. Zacks Research downgraded shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research note on Thursday, April 2nd. Finally, Weiss Ratings downgraded shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Two investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.67.

Bit Digital Price Performance

The stock has a 50-day moving average price of $1.69 and a two-hundred day moving average price of $1.87. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. The stock has a market cap of $587.34 million, a price-to-earnings ratio of -2.45 and a beta of 3.98.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. The business had revenue of $27.92 million during the quarter, compared to analysts’ expectations of $25.73 million. As a group, equities research analysts forecast that Bit Digital, Inc. will post -0.39 EPS for the current year.

Institutional Investors Weigh In On Bit Digital

A number of large investors have recently made changes to their positions in the stock. Van ECK Associates Corp grew its stake in Bit Digital by 47.2% during the 3rd quarter. Van ECK Associates Corp now owns 6,921,408 shares of the company’s stock valued at $20,764,000 after purchasing an additional 2,220,486 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Bit Digital by 686.9% during the third quarter. JPMorgan Chase & Co. now owns 2,288,068 shares of the company’s stock worth $6,864,000 after purchasing an additional 1,997,304 shares during the period. Monashee Investment Management LLC acquired a new stake in shares of Bit Digital during the third quarter worth about $4,500,000. Quantbot Technologies LP purchased a new stake in Bit Digital in the third quarter valued at approximately $2,339,000. Finally, Pictet Asset Management Holding SA increased its holdings in Bit Digital by 524.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 597,032 shares of the company’s stock worth $1,128,000 after buying an additional 501,423 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.