Bit Digital (NASDAQ:BTBT) Shares Up 3.6% – Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price was up 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.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BTBT. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday, March 17th. Craig Hallum initiated coverage on Bit Digital in a research report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 target price for the company.

Bit Digital Trading Up 2.3 %

The firm has a market capitalization of $336.18 million, a P/E ratio of 36.50 and a beta of 5.13. The business’s fifty day moving average is $2.69 and its 200 day moving average is $3.40.

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

Hedge Funds Weigh In On Bit Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in shares of Bit Digital by 192.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after buying an additional 530,411 shares during the period. Stifel Financial Corp purchased a new stake in shares of Bit Digital in the third quarter worth approximately $38,000. SG Americas Securities LLC boosted its holdings in shares of Bit Digital by 427.6% during the fourth quarter. SG Americas Securities LLC now owns 219,520 shares of the company’s stock worth $643,000 after purchasing an additional 177,911 shares during the period. Geode Capital Management LLC grew its position in Bit Digital by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock valued at $8,512,000 after purchasing an additional 42,375 shares in the last quarter. Finally, Barclays PLC lifted its position in Bit Digital by 81.4% in the 3rd quarter. Barclays PLC now owns 235,106 shares of the company’s stock worth $826,000 after buying an additional 105,484 shares in the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.