Bit Digital (NASDAQ:BTBT) Stock Price Up 3.2% - Still a Buy?

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) were up 3.2% during trading on Monday . The company traded as high as $1.92 and last traded at $1.91. Approximately 1,905,721 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 13,266,891 shares. The stock had previously closed at $1.85.

Analysts Set New Price Targets

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

Bit Digital Price Performance

The business's 50-day moving average is $2.31 and its 200 day moving average is $3.26. The firm has a market capitalization of $274.01 million, a P/E ratio of 29.75 and a beta of 6.05.

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

Institutional Investors Weigh In On Bit Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Stifel Financial Corp purchased a new position in shares of Bit Digital during the 3rd quarter worth approximately $38,000. SG Americas Securities LLC lifted its position in shares of Bit Digital by 427.6% in the fourth quarter. SG Americas Securities LLC now owns 219,520 shares of the company's stock valued at $643,000 after acquiring an additional 177,911 shares in the last quarter. Geode Capital Management LLC grew its holdings in Bit Digital by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company's stock valued at $8,512,000 after buying an additional 42,375 shares in the last quarter. Barclays PLC increased its position in shares of Bit Digital by 81.4% during the 3rd quarter. Barclays PLC now owns 235,106 shares of the company's stock valued at $826,000 after purchasing an additional 105,484 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Bit Digital in the fourth quarter worth about $378,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

About Bit Digital

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.