Bit Digital (NASDAQ:BTBT) Trading Up 3.2% - What's Next?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) traded up 3.2% during mid-day trading on Friday . The company traded as high as $2.11 and last traded at $2.11. 4,122,398 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 13,407,723 shares. The stock had previously closed at $2.04.

Wall Street Analysts Forecast Growth

BTBT has been the subject of several research analyst reports. Craig Hallum assumed coverage on Bit Digital in a research report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price target for the company. HC Wainwright reiterated a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research note on Monday, April 21st.

Bit Digital Price Performance

The stock's 50 day moving average is $2.20 and its two-hundred day moving average is $3.22. The stock has a market capitalization of $381.96 million, a PE ratio of 34.83 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The firm had revenue of $26.10 million for the quarter, compared to analysts' expectations of $25.06 million. During the same period last year, the firm posted ($0.16) earnings per share. On average, equities analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Bit Digital

Institutional investors have recently added to or reduced their stakes in the business. OLD Mission Capital LLC acquired a new stake in Bit Digital during the fourth quarter worth approximately $31,000. Advance Capital Management Inc. acquired a new position in Bit Digital in the first quarter valued at $31,000. Cibc World Markets Corp purchased a new position in shares of Bit Digital during the fourth quarter worth about $33,000. Byrne Asset Management LLC boosted its holdings in shares of Bit Digital by 207.7% in 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 period. Finally, Wedbush Securities Inc. acquired a new position in shares of Bit Digital in the 4th quarter valued at $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.