Bit Digital (NASDAQ:BTBT) Trading Up 7.4% – What’s Next?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) were up 7.4% during mid-day trading on Thursday . The company traded as high as $3.30 and last traded at $3.28. Approximately 2,050,236 shares were traded during trading, a decline of 88% from the average daily volume of 16,629,504 shares. The stock had previously closed at $3.05.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BTBT. Craig Hallum initiated coverage on shares of Bit Digital in a report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research note on Tuesday, November 19th. Finally, B. Riley initiated coverage on Bit Digital in a research note on Thursday, October 24th. They set a “buy” rating and a $6.00 price target on the stock.

Bit Digital Price Performance

The business’s 50 day simple moving average is $3.73 and its 200-day simple moving average is $3.60. The stock has a market capitalization of $483.56 million, a P/E ratio of 52.50 and a beta of 4.89.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its stake in Bit Digital by 192.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after buying an additional 530,411 shares during the period. Stifel Financial Corp bought a new stake in shares of Bit Digital in the 3rd quarter valued at about $38,000. Squarepoint Ops LLC acquired a new stake in shares of Bit Digital in the 2nd quarter valued at approximately $2,126,000. Segall Bryant & Hamill LLC bought a new position in Bit Digital during the 3rd quarter worth approximately $1,222,000. Finally, Millennium Management LLC grew its holdings in Bit Digital by 66.6% during the second 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. 47.70% of the stock is currently owned by institutional investors.

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.