Bit Digital (NASDAQ:BTBT) Stock Price Up 8.1% – Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price rose 8.1% during trading on Monday . The stock traded as high as $2.38 and last traded at $2.3450. Approximately 6,237,759 shares changed hands during trading, a decline of 75% from the average daily volume of 24,868,256 shares. The stock had previously closed at $2.17.

Analysts Set New Price Targets

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

Bit Digital Price Performance

The company has a quick ratio of 6.36, a current ratio of 6.36 and a debt-to-equity ratio of 0.56. The stock has a market cap of $776.95 million, a P/E ratio of -3.27 and a beta of 3.98. The business’s 50-day simple moving average is $1.79 and its two-hundred day simple moving average is $1.85.

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). The business had revenue of $27.92 million during the quarter, compared to the consensus estimate of $25.73 million. Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. Sell-side analysts expect that Bit Digital, Inc. will post -0.39 EPS for the current year.

Institutional Investors Weigh In On Bit Digital

Institutional investors have recently made changes to their positions in the stock. Walleye Trading LLC bought a new stake in shares of Bit Digital during the 2nd quarter valued at $25,000. Cerity Partners LLC bought a new position in Bit Digital in the 4th quarter worth about $26,000. nVerses Capital LLC bought a new position in Bit Digital in the 4th quarter worth about $26,000. Marathon Capital Management purchased a new position in Bit Digital during the 4th quarter valued at about $28,000. Finally, E6 Portfolios LLC bought a new stake in shares of Bit Digital during the fourth quarter valued at about $28,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.