Bit Digital (NASDAQ:BTBT) Shares Up 6.1% – Still a Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price rose 6.1% during trading on Friday . The company traded as high as $3.36 and last traded at $3.31. Approximately 2,646,713 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 9,120,877 shares. The stock had previously closed at $3.12.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. B. Riley initiated coverage on shares of Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Tuesday, November 19th.

Bit Digital Stock Performance

The company has a market cap of $563.38 million, a price-to-earnings ratio of 61.17 and a beta of 4.80. The stock’s fifty day moving average is $4.04 and its two-hundred day moving average is $3.57.

Institutional Inflows and Outflows

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