Bit Digital (NASDAQ:BTBT) Stock Price Up 2.6% - Time to Buy?

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) were up 2.6% during trading on Friday . The company traded as high as $1.84 and last traded at $1.78. 3,576,828 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 13,207,884 shares. The stock had previously closed at $1.73.

Analyst Ratings Changes

Several brokerages recently issued reports on BTBT. Craig Hallum initiated coverage on shares of Bit Digital in a report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating and set a $7.00 target price on shares of Bit Digital in a research note on Monday, March 17th.

Bit Digital Price Performance

The firm's fifty day moving average price is $2.42 and its two-hundred day moving average price is $3.30. The stock has a market cap of $270.18 million, a price-to-earnings ratio of 29.33 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.07). The company had revenue of $26.10 million during the quarter, compared to the consensus estimate of $25.06 million. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. During the same quarter in the prior year, the business earned ($0.16) EPS. On average, equities research analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently modified their holdings of BTBT. Stifel Financial Corp grew its position in Bit Digital by 31.0% during the fourth quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock valued at $41,000 after buying an additional 3,320 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Bit Digital by 10.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock valued at $132,000 after buying an additional 4,389 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Bit Digital by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company's stock worth $843,000 after acquiring an additional 6,621 shares during the period. Rhumbline Advisers increased its holdings in Bit Digital by 4.5% in the 4th quarter. Rhumbline Advisers now owns 156,715 shares of the company's stock worth $459,000 after acquiring an additional 6,809 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in Bit Digital by 90.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company's stock valued at $46,000 after purchasing an additional 7,395 shares during the last quarter. Hedge funds and other institutional investors 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.