Bit Digital (NASDAQ:BTBT) Shares Gap Up - Here's Why

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $3.21, but opened at $3.38. Bit Digital shares last traded at $3.38, with a volume of 1,587,545 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BTBT. B. Riley initiated coverage on Bit Digital in a research note on Thursday, October 24th. They set a "buy" rating and a $6.00 price objective for the company. HC Wainwright reissued a "buy" rating and set a $7.00 price target on shares of Bit Digital in a report on Tuesday, November 19th.

Bit Digital Stock Up 5.6 %

The firm's 50 day simple moving average is $3.98 and its 200 day simple moving average is $3.61. The company has a market cap of $520.40 million, a price-to-earnings ratio of 56.50 and a beta of 4.89.

Institutional Trading of Bit Digital

Several large investors have recently added to or reduced their stakes in BTBT. Bank of New York Mellon Corp raised its stake in shares of Bit Digital by 51.0% during the second quarter. Bank of New York Mellon Corp now owns 373,241 shares of the company's stock valued at $1,187,000 after purchasing an additional 126,101 shares in the last quarter. Rhumbline Advisers increased its stake in Bit Digital by 48.3% during the 2nd quarter. Rhumbline Advisers now owns 158,748 shares of the company's stock valued at $505,000 after buying an additional 51,695 shares during the period. Victory Capital Management Inc. raised its position in shares of Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company's stock worth $49,000 after buying an additional 4,380 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new position in shares of Bit Digital during the second quarter valued at approximately $38,000. Finally, Sei Investments Co. bought a new stake in Bit Digital during the second quarter worth approximately $51,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.