Bit Digital (NASDAQ:BTBT) Shares Gap Up – Still a Buy?

by · The Markets Daily

Bit Digital, Inc. (NASDAQ:BTBT – Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $1.73, but opened at $1.8250. Bit Digital shares last traded at $1.7750, with a volume of 5,573,846 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bit Digital in a report on Thursday, August 13th. HC Wainwright started coverage on shares of Bit Digital in a research report on Tuesday, September 8th. They set a “buy” rating and a $4.00 price objective for the company. Finally, Craig Hallum reiterated a “buy” rating and issued a $3.50 target price on shares of Bit Digital in a research note on Tuesday, July 14th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Bit Digital currently has an average rating of “Hold” and a consensus target price of $4.38.

Read Our Latest Stock Report on BTBT

Bit Digital Stock Performance

The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.51 and a current ratio of 1.51. The firm’s 50-day moving average price is $1.49 and its two-hundred day moving average price is $1.64. The firm has a market capitalization of $665.37 million, a price-to-earnings ratio of -1.74 and a beta of 3.97.

Bit Digital (NASDAQ:BTBT – Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). The business had revenue of $32.11 million for the quarter, compared to the consensus estimate of $23.58 million. Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%. Sell-side analysts predict that Bit Digital, Inc. will post -0.19 earnings per share for the current year.

Institutional Trading of Bit Digital

Several institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC bought a new position in Bit Digital during the 1st quarter valued at about $8,004,000. Renaissance Technologies LLC grew its stake in Bit Digital by 114.8% during the first quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after buying an additional 3,932,900 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Bit Digital by 186.8% during the second quarter. Tidal Investments LLC now owns 1,758,186 shares of the company’s stock worth $3,165,000 after buying an additional 1,145,092 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Bit Digital by 164.0% during the first quarter. Bank of America Corp DE now owns 917,780 shares of the company’s stock worth $1,202,000 after buying an additional 570,086 shares in the last quarter. Finally, KBC Group NV bought a new position in shares of Bit Digital in the first quarter valued at approximately $672,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

About Bit Digital

(Get Free Report)

Bit Digital, Inc (NASDAQ:BTBT) is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.

In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.

Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.

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