Bit Digital Target of Unusually Large Options Trading (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of unusually large options trading on Monday. Stock investors bought 40,209 call options on the stock. This is an increase of approximately 235% compared to the typical volume of 12,000 call options.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds have recently bought and sold shares of the company. American Century Companies Inc. lifted its holdings in Bit Digital by 2.4% during the second quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock worth $402,000 after acquiring an additional 4,374 shares during the period. Legal & General Group Plc raised its stake in shares of Bit Digital by 60.2% during the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock worth $36,000 after purchasing an additional 6,206 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Bit Digital by 43.5% during the 3rd quarter. Ameritas Investment Partners Inc. now owns 26,584 shares of the company’s stock worth $80,000 after purchasing an additional 8,060 shares during the period. Mackenzie Financial Corp raised its stake in shares of Bit Digital by 75.4% during the 4th quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock worth $39,000 after purchasing an additional 8,630 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Bit Digital by 78.9% during the 3rd quarter. Principal Financial Group Inc. now owns 22,227 shares of the company’s stock worth $67,000 after purchasing an additional 9,803 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Bit Digital Stock Up 11.8%

Bit Digital stock traded up $0.21 during mid-day trading on Monday, reaching $1.95. The stock had a trading volume of 26,167,343 shares, compared to its average volume of 24,586,287. The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36. Bit Digital has a fifty-two week low of $1.25 and a fifty-two week high of $4.55. The stock’s 50-day simple moving average is $1.72 and its 200-day simple moving average is $1.86. The firm has a market capitalization of $679.17 million, a PE ratio of -2.85 and a beta of 3.98.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $25.73 million. On average, sell-side analysts forecast that Bit Digital will post -0.39 EPS for the current fiscal year.

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.