Bit Digital (NASDAQ:BTBT) Stock Price Up 0.3% - Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares were up 0.3% during mid-day trading on Monday . The company traded as high as $1.84 and last traded at $1.79. Approximately 3,000,250 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 15,784,246 shares. The stock had previously closed at $1.78.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Craig Hallum started coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They issued a "buy" rating and a $6.00 target price on the stock. HC Wainwright restated a "buy" rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday.

Bit Digital Stock Up 0.8 %

The firm has a fifty day moving average price of $2.24 and a two-hundred day moving average price of $3.23. The stock has a market capitalization of $355.46 million, a P/E ratio of 32.42 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.07). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The firm had revenue of $26.10 million for the quarter, compared to the consensus estimate of $25.06 million. During the same quarter in the prior year, the business posted ($0.16) earnings per share. Sell-side analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Bit Digital

Large investors have recently made changes to their positions in the stock. OLD Mission Capital LLC purchased a new stake in Bit Digital in the fourth quarter worth approximately $31,000. Advance Capital Management Inc. purchased a new position in shares of Bit Digital in the 1st quarter worth $31,000. Cibc World Markets Corp bought a new stake in shares of Bit Digital in the fourth quarter worth $33,000. Byrne Asset Management LLC increased its position in Bit Digital by 207.7% during the first quarter. Byrne Asset Management LLC now owns 17,538 shares of the company's stock valued at $35,000 after acquiring an additional 11,838 shares during the last quarter. Finally, Wedbush Securities Inc. bought a new position in Bit Digital in the fourth quarter valued at about $37,000. 47.70% of the stock is currently owned by 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.