Bit Digital (NASDAQ:BTBT) Stock Price Up 6.8% - What's Next?

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) rose 6.8% on Wednesday . The stock traded as high as $2.01 and last traded at $1.98. Approximately 5,876,918 shares traded hands during trading, a decline of 56% from the average daily volume of 13,367,780 shares. The stock had previously closed at $1.85.

Analyst Upgrades and Downgrades

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

Bit Digital Stock Performance

The firm has a market cap of $360.01 million, a price-to-earnings ratio of 32.83 and a beta of 6.05. The stock's fifty day moving average is $2.26 and its two-hundred day moving average is $3.24.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings results on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The firm had revenue of $26.10 million during the quarter, compared to analyst estimates 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 previous year, the business posted ($0.16) EPS. Sell-side analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Bit Digital

Several institutional investors have recently bought and sold shares of the stock. OLD Mission Capital LLC bought a new position in shares of Bit Digital in the fourth quarter valued at approximately $31,000. Stifel Financial Corp bought a new stake in shares of Bit Digital during the 3rd quarter worth $38,000. Cibc World Markets Corp acquired a new position in shares of Bit Digital in the 4th quarter worth $33,000. Wedbush Securities Inc. purchased a new stake in shares of Bit Digital during the fourth quarter valued at $37,000. Finally, Orion Portfolio Solutions LLC purchased a new position in Bit Digital in the 4th quarter worth about $38,000. Institutional investors and hedge funds 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.

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