Bit Digital (NASDAQ:BTBT) Shares Up 8.1% – Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price traded up 8.1% during mid-day trading on Monday . The stock traded as high as $2.38 and last traded at $2.3450. Approximately 6,237,759 shares changed hands during trading, a decline of 75% from the average session volume of 24,868,256 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

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

Bit Digital Trading Down 4.5%

The firm has a market capitalization of $743.77 million, a price-to-earnings ratio of -3.13 and a beta of 3.98. The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36. The business has a fifty day moving average price of $1.82 and a 200 day moving average price of $1.85.

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

Institutional Trading of Bit Digital

Institutional investors and hedge funds have recently bought and sold shares of the business. Walleye Trading LLC acquired a new position in Bit Digital during the second quarter valued at approximately $25,000. Cerity Partners LLC acquired a new stake in shares of Bit Digital in the fourth quarter worth $26,000. nVerses Capital LLC purchased a new position in shares of Bit Digital in the 4th quarter valued at $26,000. Marathon Capital Management purchased a new position in shares of Bit Digital in the 4th quarter valued at $28,000. Finally, E6 Portfolios LLC purchased a new position in shares of Bit Digital in the 4th quarter valued at $28,000. Institutional investors and hedge funds 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.