Bit Digital (NASDAQ:BTBT) Trading 9% Higher – Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shares traded up 9% during mid-day trading on Thursday . The company traded as high as $1.53 and last traded at $1.5150. Approximately 5,059,938 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 25,689,928 shares. The stock had previously closed at $1.39.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BTBT. Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Craig Hallum reaffirmed a “buy” rating and set a $3.50 price target on shares of Bit Digital in a research note on Tuesday, July 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bit Digital in a report on Thursday, August 13th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $5.12.

Bit Digital Trading Up 0.6%

The stock has a fifty day moving average of $1.52 and a 200-day moving average of $1.65. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.51 and a current ratio of 1.51. The company has a market cap of $591.43 million, a PE ratio of -1.55 and a beta of 3.97.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.26). Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. The business had revenue of $32.11 million during the quarter, compared to the consensus estimate of $23.58 million. Sell-side analysts anticipate that Bit Digital, Inc. will post -0.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Bit Digital by 549.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock valued at $21,992,000 after buying an additional 6,201,477 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Bit Digital in the 1st quarter worth about $8,004,000. Balyasny Asset Management L.P. bought a new position in Bit Digital in the 2nd quarter worth about $10,385,000. Renaissance Technologies LLC increased its position in shares of Bit Digital by 114.8% during the first quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after acquiring an additional 3,932,900 shares during the period. Finally, State Street Corp increased its position in shares of Bit Digital by 40.3% during the fourth quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after acquiring an additional 3,307,076 shares during the period. 47.70% of the stock is currently owned by institutional investors.

Bit Digital Company Profile

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.