BIT Mining (NYSE:BTCM) Trading 2.4% Higher – Here’s Why

BIT Mining Limited (NYSE:BTCM)’s share price traded up 2.4% during mid-day trading on Thursday . The stock traded as high as $2.60 and last traded at $2.54. 24,634 shares changed hands during trading, a decline of 76% from the average session volume of 103,553 shares. The stock had previously closed at $2.48.

BIT Mining Stock Performance

The business’s fifty day simple moving average is $2.31 and its 200 day simple moving average is $2.56. The stock has a market cap of $29.12 million, a price-to-earnings ratio of -1.98 and a beta of 2.51.

Institutional Investors Weigh In On BIT Mining

A hedge fund recently bought a new stake in BIT Mining stock. XTX Topco Ltd purchased a new position in shares of BIT Mining Limited (NYSE:BTCM) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 22,288 shares of the company’s stock, valued at approximately $59,000. XTX Topco Ltd owned approximately 0.20% of BIT Mining at the end of the most recent quarter. 5.34% of the stock is owned by institutional investors.

About BIT Mining

BIT Mining Limited operates as a cryptocurrency mining company in the Mainland China, the United States, and Hong Kong. The company operates in two segments: Data Center and Cryptocurrency Mining. It operates a cryptocurrency mining data center in Ohio with power capacity of 82.5 megawatts; and purchases and deploys bitcoin mining machines.