Traders Purchase Large Volume of Bit Digital Call Options (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) was the target of some unusual options trading on Monday. Stock investors bought 40,209 call options on the stock. This represents an increase of 235% compared to the average volume of 12,000 call options.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Zacks Research downgraded Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Weiss Ratings downgraded Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Thursday, April 2nd. Two equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $5.67.

Hedge Funds Weigh In On Bit Digital

Institutional investors have recently bought and sold shares of the stock. Hamilton Wealth LLC bought a new position in Bit Digital in the 3rd quarter worth $30,000. Rafferty Asset Management LLC bought a new position in Bit Digital in the 3rd quarter worth $33,000. Walleye Trading LLC bought a new position in Bit Digital in the 2nd quarter worth $25,000. Mackenzie Financial Corp bought a new position in Bit Digital in the 3rd quarter worth $34,000. Finally, WINTON GROUP Ltd bought a new position in Bit Digital in the 3rd quarter worth $35,000. 47.70% of the stock is owned by institutional investors.

Bit Digital Stock Performance

BTBT stock opened at $1.93 on Tuesday. The company has a market cap of $673.94 million, a P/E ratio of -2.84 and a beta of 3.98. Bit Digital has a 1 year low of $1.25 and a 1 year high of $4.55. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36. The stock’s fifty day moving average price is $1.73 and its 200-day moving average price is $1.86.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%.The company had revenue of $27.92 million during the quarter, compared to the consensus estimate of $25.73 million. On average, equities analysts forecast that Bit Digital will post -0.39 earnings per share for the current year.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.