Bit Digital (NASDAQ:BTBT) Trading 9.4% Higher – Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price rose 9.4% during mid-day trading on Wednesday . The stock traded as high as $3.72 and last traded at $3.71. Approximately 10,872,141 shares were traded during trading, a decline of 29% from the average daily volume of 15,416,030 shares. The stock had previously closed at $3.39.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BTBT. B. Riley initiated coverage on shares of Bit Digital in a research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Tuesday, November 19th.

Bit Digital Stock Up 1.4 %

The stock has a 50-day moving average of $3.96 and a 200 day moving average of $3.61. The stock has a market cap of $564.92 million, a PE ratio of 61.33 and a beta of 4.89.

Institutional Trading of Bit Digital

Several hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. increased its holdings in shares of Bit Digital by 39.3% in the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock valued at $49,000 after acquiring an additional 4,380 shares during the last quarter. Tidal Investments LLC raised its holdings in Bit Digital by 22.0% during the third quarter. Tidal Investments LLC now owns 45,800 shares of the company’s stock worth $161,000 after purchasing an additional 8,250 shares in the last quarter. Crescent Grove Advisors LLC acquired a new stake in shares of Bit Digital in the 3rd quarter valued at approximately $35,000. Creative Planning acquired a new position in Bit Digital during the third quarter worth about $37,000. Finally, Stifel Financial Corp purchased a new position in Bit Digital during the 3rd quarter valued at about $38,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.