Bit Origin (NASDAQ:BTOG) Shares Up 4.1% – Still a Buy?

Bit Origin Limited (NASDAQ:BTOG) shares rose 4.1% during mid-day trading on Friday . The stock traded as high as $1.8563 and last traded at $1.77. Approximately 224,978 shares were traded during mid-day trading, an increase of 173% from the average daily volume of 82,355 shares. The stock had previously closed at $1.70.

Analyst Upgrades and Downgrades

BTOG has been the subject of several research analyst reports. Wall Street Zen upgraded Bit Origin from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Bit Origin in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

Bit Origin Price Performance

The company has a 50-day simple moving average of $2.13 and a 200-day simple moving average of $6.42.

Hedge Funds Weigh In On Bit Origin

A hedge fund recently raised its stake in Bit Origin stock. XTX Topco Ltd raised its holdings in Bit Origin Limited (NASDAQ:BTOG) by 240.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 168,720 shares of the company’s stock after purchasing an additional 119,136 shares during the quarter. XTX Topco Ltd owned approximately 17.22% of Bit Origin worth $29,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 1.07% of the company’s stock.

About Bit Origin

Bit Origin Ltd, through its subsidiaries, engages in the cryptocurrency mining business in the United States. It is also involved in deploying blockchain technologies. The company was formerly known as China Xiangtai Food Co, Ltd. and changed its name to Bit Origin Ltd in April 2022. Bit Origin Ltd was incorporated in 2018 and is based in Singapore, Singapore.