Bit Digital (NASDAQ:BTBT) Stock Price Up 3.6% - Time to Buy?

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shot up 3.6% during trading on Tuesday . The company traded as high as $2.07 and last traded at $2.09. 3,926,716 shares changed hands during trading, a decline of 76% from the average session volume of 16,123,440 shares. The stock had previously closed at $2.02.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BTBT. HC Wainwright restated a "buy" rating and issued a $7.00 price target on shares of Bit Digital in a research note on Monday, March 17th. Craig Hallum assumed 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.

Bit Digital Stock Up 2.5 %

The firm has a 50-day simple moving average of $2.65 and a 200 day simple moving average of $3.39. The company has a market cap of $310.09 million, a price-to-earnings ratio of 33.67 and a beta of 5.13.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings data on Friday, March 14th. The company reported ($0.11) EPS 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 business had revenue of $26.10 million during the quarter, compared to analyst estimates of $25.06 million. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. As a group, research analysts expect 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 added to or reduced their stakes in BTBT. OLD Mission Capital LLC acquired a new stake in shares of Bit Digital during the fourth quarter worth $31,000. Stifel Financial Corp purchased a new stake in shares of Bit Digital in the third quarter valued at approximately $38,000. Cibc World Markets Corp acquired a new position in shares of Bit Digital during the 4th quarter worth approximately $33,000. Wedbush Securities Inc. purchased a new stake in Bit Digital in the 4th quarter valued at approximately $37,000. Finally, Orion Portfolio Solutions LLC purchased a new position in Bit Digital during the fourth quarter worth $38,000. 47.70% of the stock is owned by institutional investors and hedge funds.

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.