Bit Digital (NASDAQ:BTBT) Shares Up 13.6% – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT)’s share price shot up 13.6% on Monday . The company traded as high as $1.96 and last traded at $2.0450. 8,348,264 shares were traded during trading, a decline of 65% from the average session volume of 23,579,688 shares. The stock had previously closed at $1.80.

Analyst Ratings Changes

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

Bit Digital Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 6.39 and a current ratio of 6.39. The stock has a market cap of $697.25 million, a price-to-earnings ratio of -3.88 and a beta of 3.95. The business’s fifty day simple moving average is $1.57 and its 200 day simple moving average is $2.09.

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

Hedge Funds Weigh In On Bit Digital

A number of institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. lifted its holdings in Bit Digital by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock worth $402,000 after buying an additional 4,374 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Bit Digital by 60.2% in the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after purchasing an additional 6,206 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Bit Digital by 43.5% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 26,584 shares of the company’s stock valued at $80,000 after purchasing an additional 8,060 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Bit Digital by 75.4% in the 4th quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after purchasing an additional 8,630 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Bit Digital by 78.9% in the 3rd quarter. Principal Financial Group Inc. now owns 22,227 shares of the company’s stock valued at $67,000 after purchasing an additional 9,803 shares in the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.