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

Bit Digital, Inc. (NASDAQ:BTBT) shares gapped up prior to trading on Wednesday . The stock had previously closed at $1.67, but opened at $1.76. Bit Digital shares last traded at $1.8350, with a volume of 2,988,137 shares.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BTBT. Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Wall Street Zen raised shares of Bit Digital from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Northland Securities set a $5.00 target price on shares of Bit Digital in a research report on Monday, November 17th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Monday, November 17th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Bit Digital currently has a consensus rating of “Hold” and a consensus price target of $6.00.

Bit Digital Stock Down 7.5%

The company’s fifty day moving average price is $1.96 and its two-hundred day moving average price is $2.57. The company has a market cap of $556.72 million, a price-to-earnings ratio of 4.10 and a beta of 4.00.

Institutional Trading of Bit Digital

A number of large investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Bit Digital during the fourth quarter worth approximately $273,000. Invesco Ltd. raised its stake in Bit Digital by 18.0% during the fourth quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock worth $19,831,000 after buying an additional 1,604,011 shares during the last quarter. Vident Advisory LLC lifted its holdings in Bit Digital by 9.7% in the fourth quarter. Vident Advisory LLC now owns 1,229,756 shares of the company’s stock valued at $2,324,000 after buying an additional 108,387 shares during the period. Mackenzie Financial Corp boosted its position in Bit Digital by 75.4% during the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after acquiring an additional 8,630 shares during the last quarter. Finally, XTX Topco Ltd lifted its stake in shares of Bit Digital by 162.9% in the 4th quarter. XTX Topco Ltd now owns 388,886 shares of the company’s stock valued at $735,000 after purchasing an additional 240,950 shares during the period. 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.