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

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

Analyst Ratings Changes

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

Bit Digital Stock Performance

The stock has a fifty day simple moving average of $3.77 and a two-hundred day simple moving average of $3.61. The stock has a market capitalization of $503.05 million, a price-to-earnings ratio of 54.75 and a beta of 4.89.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds have recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of Bit Digital by 1.7% in the 3rd quarter. State Street Corp now owns 5,597,517 shares of the company’s stock valued at $19,647,000 after buying an additional 94,762 shares during the period. Van ECK Associates Corp grew its position in Bit Digital by 25.2% in the 3rd quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock valued at $17,259,000 after purchasing an additional 898,329 shares during the period. Millennium Management LLC increased its stake in Bit Digital by 66.6% during 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 in the last quarter. Geode Capital Management LLC raised its holdings 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 worth $8,512,000 after buying an additional 42,375 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in shares of Bit Digital by 2.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 935,629 shares of the company’s stock valued at $2,741,000 after buying an additional 25,592 shares in the last quarter. 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.