Bit Digital (NASDAQ:BTBT) Stock Price Up 3% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price traded up 3% during trading on Wednesday . The stock traded as high as $1.98 and last traded at $1.91. 5,142,380 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 13,011,536 shares. The stock had previously closed at $1.85.

Analysts Set New Price Targets

BTBT has been the topic of several analyst reports. Craig Hallum began coverage on shares of Bit Digital in a research note on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Monday, March 17th.

Bit Digital Trading Up 6.9 %

The stock’s fifty day simple moving average is $2.47 and its 200-day simple moving average is $3.33. The stock has a market capitalization of $283.99 million, a PE ratio of 30.83 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The firm had revenue of $26.10 million during the quarter, compared to the consensus estimate of $25.06 million. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. During the same quarter in the previous year, the firm earned ($0.16) earnings per share. As a group, analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Advance Capital Management Inc. purchased a new stake in shares of Bit Digital during the first quarter worth $31,000. Two Seas Capital LP raised its stake in shares of Bit Digital by 60.6% during the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock valued at $1,941,000 after purchasing an additional 250,000 shares during the period. Vident Advisory LLC lifted its holdings in Bit Digital by 56.2% during the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock worth $9,360,000 after purchasing an additional 1,149,727 shares in the last quarter. Sherbrooke Park Advisers LLC boosted its stake in Bit Digital by 113.2% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 38,457 shares of the company’s stock worth $113,000 after purchasing an additional 20,418 shares during the period. Finally, ProShare Advisors LLC grew its holdings in Bit Digital by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 33,753 shares of the company’s stock valued at $99,000 after buying an additional 11,107 shares in the last quarter. 47.70% of the stock is owned by institutional investors.

About Bit Digital

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.