Bit Digital (NASDAQ:BTBT) Shares Gap Up – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $1.55, but opened at $1.64. Bit Digital shares last traded at $1.6850, with a volume of 3,670,495 shares traded.

Analyst Ratings Changes

A number of equities analysts have commented on the company. B. Riley Financial decreased their price target on Bit Digital from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Thursday, April 2nd. Zacks Research cut Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Weiss Ratings cut Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, March 30th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Thursday, April 2nd. Finally, Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.67.

Bit Digital Stock Performance

The company has a market capitalization of $516.00 million, a PE ratio of -2.87 and a beta of 4.02. The company has a 50 day moving average of $1.57 and a two-hundred day moving average of $2.24. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.39 and a quick ratio of 6.39.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Friday, March 27th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%. As a group, equities research analysts predict that Bit Digital, Inc. will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTBT. AQR Capital Management LLC grew its stake in Bit Digital by 815.3% in the first quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock worth $409,000 after purchasing an additional 180,509 shares during the period. Millennium Management LLC grew its stake in Bit Digital by 62.6% in the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after purchasing an additional 899,967 shares during the period. JPMorgan Chase & Co. grew its stake in Bit Digital by 304.0% in the second quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company’s stock worth $637,000 after purchasing an additional 218,789 shares during the period. Legal & General Group Plc grew its stake in Bit Digital by 60.2% in the second quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock worth $36,000 after purchasing an additional 6,206 shares during the period. Finally, Rhumbline Advisers grew its stake in Bit Digital by 62.4% in the second quarter. Rhumbline Advisers now owns 258,938 shares of the company’s stock worth $567,000 after purchasing an additional 99,490 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

About Bit Digital

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.