Bit Digital (NASDAQ:BTBT) Trading Up 7.7% - Still a Buy?

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) traded up 7.7% on Tuesday . The stock traded as high as $1.90 and last traded at $1.90. 4,028,268 shares were traded during mid-day trading, a decline of 70% from the average session volume of 13,353,983 shares. The stock had previously closed at $1.76.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BTBT shares. Craig Hallum began coverage on Bit Digital in a research note on Tuesday, January 21st. They set a "buy" rating and a $6.00 price target for the company. HC Wainwright reissued a "buy" rating and set a $7.00 price target on shares of Bit Digital in a report on Monday.

Bit Digital Stock Up 1.3 %

The company has a market cap of $357.29 million, a price-to-earnings ratio of 32.58 and a beta of 6.05. The business has a fifty day simple moving average of $2.24 and a 200 day simple moving average of $3.23.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings data on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate 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 company had revenue of $26.10 million during the quarter, compared to analyst estimates of $25.06 million. During the same quarter last year, the business earned ($0.16) EPS. Equities analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently modified their holdings of the company. Stifel Financial Corp acquired a new stake in Bit Digital in the third quarter valued at $38,000. Barclays PLC grew its stake in Bit Digital by 81.4% in the 3rd quarter. Barclays PLC now owns 235,106 shares of the company's stock valued at $826,000 after acquiring an additional 105,484 shares during the last quarter. Geode Capital Management LLC grew its stake in Bit Digital by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company's stock valued at $8,512,000 after acquiring an additional 42,375 shares during the last quarter. Virtu Financial LLC purchased a new position in Bit Digital during the 3rd quarter valued at about $425,000. Finally, Tidal Investments LLC raised its position in Bit Digital by 22.0% during the third quarter. Tidal Investments LLC now owns 45,800 shares of the company's stock worth $161,000 after acquiring an additional 8,250 shares during the last quarter. 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.