Bit Digital (NASDAQ:BTBT) Trading Up 9.4% – Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT) shot up 9.4% during mid-day trading on Wednesday . The company traded as high as $3.72 and last traded at $3.71. 10,872,141 shares traded hands during trading, a decline of 29% from the average session volume of 15,416,030 shares. The stock had previously closed at $3.39.

Analyst Ratings Changes

Several brokerages have recently commented on BTBT. B. Riley started coverage on shares of Bit Digital in a research report on Thursday, October 24th. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Tuesday, November 19th.

Bit Digital Price Performance

The company has a fifty day moving average price of $3.98 and a two-hundred day moving average price of $3.61. The firm has a market cap of $574.12 million, a price-to-earnings ratio of 62.33 and a beta of 4.89.

Institutional Trading of Bit Digital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC boosted its position in shares of Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after purchasing an additional 1,033,767 shares during the period. Van ECK Associates Corp raised its position in Bit Digital by 25.2% during the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock valued at $17,259,000 after buying an additional 898,329 shares during the period. Squarepoint Ops LLC acquired a new position in Bit Digital during the second quarter valued at $2,126,000. Charles Schwab Investment Management Inc. lifted its stake in Bit Digital by 192.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after acquiring an additional 530,411 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in Bit Digital during the 3rd quarter worth about $1,222,000. 47.70% of the stock is currently owned by institutional investors.

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.