Bit Digital (NASDAQ:BTBT) Trading Up 3.6% – Should You Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price rose 3.6% during trading on Tuesday . The stock traded as high as $2.07 and last traded at $2.09. Approximately 3,926,716 shares traded hands during trading, a decline of 76% from the average daily volume of 16,123,440 shares. The stock had previously closed at $2.02.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Craig Hallum assumed coverage on Bit Digital in a research note on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a research report on Monday, March 17th.

Bit Digital Trading Up 4.2 %

The firm has a market capitalization of $323.14 million, a PE ratio of 34.92 and a beta of 5.13. The business’s 50 day simple moving average is $2.75 and its 200 day simple moving average is $3.41.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The business 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 period last year, the company earned ($0.16) EPS. Analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Bit Digital

Institutional investors and hedge funds have recently made changes to their positions in the stock. OLD Mission Capital LLC purchased a new position in shares of Bit Digital during the fourth quarter worth $31,000. Stifel Financial Corp acquired a new position in shares of Bit Digital in the 3rd quarter valued at about $38,000. Cibc World Markets Corp purchased a new stake in shares of Bit Digital in the fourth quarter worth about $33,000. Wedbush Securities Inc. acquired a new stake in shares of Bit Digital during the 4th quarter worth approximately $37,000. Finally, Orion Portfolio Solutions LLC acquired a new stake in Bit Digital during the fourth quarter valued at $38,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Bit Digital Company Profile

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.