Bit Digital (NASDAQ:BTBT) Stock Price Up 2.2% - Here's What Happened

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares traded up 2.2% during mid-day trading on Tuesday . The stock traded as high as $2.10 and last traded at $2.04. 2,303,201 shares changed hands during trading, a decline of 82% from the average session volume of 12,980,170 shares. The stock had previously closed at $2.00.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Craig Hallum began 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 reiterated a "buy" rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday, March 17th.

Bit Digital Stock Performance

The firm's 50 day simple moving average is $2.44 and its 200-day simple moving average is $3.32. The company has a market cap of $283.99 million, a price-to-earnings ratio of 30.83 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings data on Friday, March 14th. The company reported ($0.11) earnings per share (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 in the prior year, the company posted ($0.16) EPS. As a group, sell-side analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

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Hedge Funds Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advance Capital Management Inc. acquired a new position in shares of Bit Digital during the 1st quarter valued at about $31,000. Two Seas Capital LP boosted its holdings in Bit Digital by 60.6% in the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company's stock valued at $1,941,000 after purchasing an additional 250,000 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Bit Digital by 56.2% in the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock valued at $9,360,000 after buying an additional 1,149,727 shares during the period. Sherbrooke Park Advisers LLC increased its holdings in shares of Bit Digital by 113.2% during the 4th quarter. Sherbrooke Park Advisers LLC now owns 38,457 shares of the company's stock worth $113,000 after buying an additional 20,418 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in shares of Bit Digital by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 33,753 shares of the company's stock valued at $99,000 after buying an additional 11,107 shares during the period. Institutional investors and hedge funds 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.