Bit Digital (NASDAQ:BTBT) Shares Up 1.4% - Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shot up 1.4% during mid-day trading on Friday . The company traded as high as $1.81 and last traded at $1.79. 8,246,116 shares changed hands during trading, a decline of 38% from the average session volume of 13,338,197 shares. The stock had previously closed at $1.76.

Analyst Ratings Changes

A number of brokerages have weighed in on BTBT. HC Wainwright restated a "buy" rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday. Craig Hallum began coverage on Bit Digital in a research report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price objective for the company.

Bit Digital Trading Up 5.1 %

The business's fifty day moving average is $2.29 and its two-hundred day moving average is $3.25. The company has a market capitalization of $338.10 million, a PE ratio of 30.83 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT - Get Free Report) 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). The business had revenue of $26.10 million for the quarter, compared to analysts' expectations 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 period last year, the business earned ($0.16) earnings per share. As a group, equities research analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current year.

Institutional Trading of Bit Digital

A number of hedge funds have recently bought and sold shares of the company. OLD Mission Capital LLC purchased a new stake in shares of Bit Digital during the 4th quarter valued at about $31,000. Advance Capital Management Inc. bought a new stake in Bit Digital during the first quarter valued at approximately $31,000. Cibc World Markets Corp purchased a new stake in Bit Digital during the fourth quarter valued at approximately $33,000. Byrne Asset Management LLC raised its position in Bit Digital by 207.7% in the first quarter. Byrne Asset Management LLC now owns 17,538 shares of the company's stock worth $35,000 after acquiring an additional 11,838 shares during the period. Finally, Wedbush Securities Inc. bought a new position in Bit Digital in the fourth quarter worth approximately $37,000. Hedge funds and other institutional investors own 47.70% of the company's stock.

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.