Bit Digital (NASDAQ:BTBT) Trading Up 3.2% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price was up 3.2% on Monday . The company traded as high as $1.92 and last traded at $1.91. Approximately 1,905,721 shares traded hands during trading, a decline of 86% from the average daily volume of 13,266,891 shares. The stock had previously closed at $1.85.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on BTBT shares. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Monday, March 17th. Craig Hallum assumed coverage on Bit Digital in a report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price target on the stock.

Bit Digital Stock Performance

The company has a market capitalization of $287.83 million, a price-to-earnings ratio of 31.25 and a beta of 6.05. The company has a 50 day moving average price of $2.44 and a 200 day moving average price of $3.31.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The firm had revenue of $26.10 million for the quarter, compared to the consensus estimate of $25.06 million. During the same quarter in the prior year, the firm earned ($0.16) EPS. Research analysts forecast that Bit Digital, Inc. will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BTBT. Advance Capital Management Inc. bought a new stake in shares of Bit Digital during the first quarter worth about $31,000. Two Seas Capital LP increased its holdings in Bit Digital by 60.6% during the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock worth $1,941,000 after purchasing an additional 250,000 shares in the last quarter. Vident Advisory LLC raised its stake in shares of Bit Digital by 56.2% in the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock worth $9,360,000 after purchasing an additional 1,149,727 shares during the last quarter. Sherbrooke Park Advisers LLC lifted its holdings in shares of Bit Digital by 113.2% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 38,457 shares of the company’s stock valued at $113,000 after purchasing an additional 20,418 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Bit Digital by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 33,753 shares of the company’s stock valued at $99,000 after purchasing an additional 11,107 shares in the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Company Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.