Bit Digital (NASDAQ:BTBT) Shares Up 13.6% – Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shares were up 13.6% during mid-day trading on Monday . The company traded as high as $1.96 and last traded at $2.0450. Approximately 8,348,264 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 23,579,688 shares. The stock had previously closed at $1.80.

Analysts Set New Price Targets

A number of brokerages have recently commented on BTBT. Weiss Ratings lowered Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, March 30th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Thursday, April 2nd. Zacks Research cut shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Wall Street Zen cut shares of Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, B. Riley Financial reduced their price target on shares of Bit Digital from $6.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, April 2nd. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bit Digital presently has a consensus rating of “Hold” and an average price target of $5.67.

Bit Digital Stock Down 8.8%

The company has a debt-to-equity ratio of 0.13, a current ratio of 6.39 and a quick ratio of 6.39. The stock has a market capitalization of $640.10 million, a P/E ratio of -3.56 and a beta of 3.95. The firm has a 50 day moving average of $1.58 and a 200-day moving average of $2.05.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Friday, March 27th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%.The firm had revenue of $32.34 million during the quarter, compared to the consensus estimate of $31.87 million. On average, equities research analysts expect that Bit Digital, Inc. will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp raised its stake in shares of Bit Digital by 40.3% in the 4th quarter. State Street Corp now owns 11,518,002 shares of the company’s stock valued at $21,769,000 after buying an additional 3,307,076 shares in the last quarter. Invesco Ltd. boosted its position in shares of Bit Digital by 18.0% during the 4th quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock valued at $19,831,000 after acquiring an additional 1,604,011 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Bit Digital by 4.5% during the 4th quarter. Geode Capital Management LLC now owns 9,347,321 shares of the company’s stock valued at $17,669,000 after acquiring an additional 403,097 shares in the last quarter. Vanguard Group Inc. increased its stake in Bit Digital by 549.2% in the third quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock valued at $21,992,000 after acquiring an additional 6,201,477 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Bit Digital by 21.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,123,173 shares of the company’s stock valued at $13,463,000 after acquiring an additional 1,260,686 shares during the period. 47.70% of the stock is owned by institutional investors.

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.