Bit Digital (NASDAQ:BTBT) Shares Gap Up – Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $3.18, but opened at $3.33. Bit Digital shares last traded at $3.34, with a volume of 3,157,828 shares traded.

Analyst Ratings Changes

BTBT has been the topic of a number of recent analyst reports. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Tuesday, November 19th. B. Riley initiated coverage on Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective on the stock.

Bit Digital Trading Up 6.0 %

The business’s fifty day simple moving average is $4.17 and its 200 day simple moving average is $3.56. The stock has a market cap of $517.33 million, a price-to-earnings ratio of 56.17 and a beta of 4.80.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BTBT. Victory Capital Management Inc. raised its holdings in Bit Digital by 39.3% in the second 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 during the period. Tidal Investments LLC increased its stake in Bit Digital by 22.0% in the 3rd quarter. Tidal Investments LLC now owns 45,800 shares of the company’s stock valued at $161,000 after buying an additional 8,250 shares during the last quarter. Crescent Grove Advisors LLC bought a new position in Bit Digital in the third quarter valued at approximately $35,000. Creative Planning acquired a new stake in Bit Digital in the third quarter valued at $37,000. Finally, Stifel Financial Corp acquired a new stake in Bit Digital in the 3rd quarter valued at about $38,000. Institutional investors 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.