Stock Traders Buy High Volume of Call Options on Bit Digital (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) saw some unusual options trading on Wednesday. Stock traders acquired 22,596 call options on the stock. This represents an increase of 58% compared to the typical daily volume of 14,317 call options.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Bit Digital

A number of institutional investors have recently bought and sold shares of the stock. Crescent Grove Advisors LLC bought a new stake in Bit Digital during the 3rd quarter valued at approximately $35,000. Creative Planning bought a new position in shares of Bit Digital during the third quarter worth $37,000. Thoroughbred Financial Services LLC purchased a new position in Bit Digital during the second quarter valued at $38,000. Stifel Financial Corp bought a new stake in Bit Digital in the 3rd quarter valued at $38,000. Finally, Victory Capital Management Inc. lifted its stake in Bit Digital by 39.3% in the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after purchasing an additional 4,380 shares in the last quarter. 47.70% of the stock is owned by institutional investors.

Bit Digital Stock Performance

Shares of Bit Digital stock opened at $4.43 on Friday. The company has a 50-day simple moving average of $3.84 and a two-hundred day simple moving average of $3.33. Bit Digital has a 52-week low of $1.76 and a 52-week high of $5.74. The stock has a market capitalization of $365.39 million, a PE ratio of 73.83 and a beta of 4.79.

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.