Bit Digital (NASDAQ:BTBT) Shares Up 10.2% – Time to Buy?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) shot up 10.2% on Thursday . The company traded as high as $1.53 and last traded at $1.5430. 4,414,838 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 25,172,236 shares. The stock had previously closed at $1.40.

Analyst Ratings Changes

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

Bit Digital Price Performance

The firm has a fifty day simple moving average of $1.63 and a 200 day simple moving average of $1.67. The company has a market capitalization of $578.81 million, a PE ratio of -1.51 and a beta of 4.02. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.51 and a current ratio of 1.51.

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

Institutional Trading of Bit Digital

Hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its holdings in Bit Digital by 815.3% during the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock worth $409,000 after acquiring an additional 180,509 shares in the last quarter. Millennium Management LLC increased its position in Bit Digital by 62.6% during the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock valued at $4,721,000 after purchasing an additional 899,967 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Bit Digital by 304.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company’s stock valued at $637,000 after purchasing an additional 218,789 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Bit Digital by 60.2% in the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after purchasing an additional 6,206 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Bit Digital by 62.4% in the 2nd quarter. Rhumbline Advisers now owns 258,938 shares of the company’s stock worth $567,000 after purchasing an additional 99,490 shares during the period. 47.70% of the stock is owned by hedge funds and other 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.