Bit Digital (NASDAQ:BTBT) Trading 3% Higher - Here's Why

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price traded up 3% during trading on Wednesday . The stock traded as high as $1.98 and last traded at $1.91. 5,142,380 shares changed hands during trading, a decline of 60% from the average session volume of 13,011,536 shares. The stock had previously closed at $1.85.Wall Street Analysts Forecast GrowthHere’s Why Bitcoin Miners Stopped Rising With Bitcoin Prices A number of equities analysts have recently commented on the company. Craig Hallum initiated coverage on Bit Digital in a report on Tuesday, January 21st. They issued a "buy" rating and a $6.00 price objective on the stock. HC Wainwright restated a "buy" rating and issued a $7.00 price target on shares of Bit Digital in a report on Monday, March 17th.Read Our Latest Analysis on Bit DigitalBit Digital Stock Performance5 crypto penny stocks under $5The firm has a fifty day moving average of $2.55 and a 200-day moving average of $3.36. The stock has a market capitalization of $278.62 million, a price-to-earnings ratio of 30.25 and a beta of 6.05. Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.07). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The company had revenue of $26.10 million during the quarter, compared to analyst estimates of $25.06 million. During the same quarter last year, the business posted ($0.16) EPS. On average, analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current year. Institutional Inflows and OutflowsHedge funds have recently made changes to their positions in the stock. Advance Capital Management Inc. purchased a new position in Bit Digital in the 1st quarter worth about $31,000. Two Seas Capital LP grew its position in Bit Digital by 60.6% during the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company's stock worth $1,941,000 after purchasing an additional 250,000 shares in the last quarter. Vident Advisory LLC raised its stake in Bit Digital by 56.2% during the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock valued at $9,360,000 after purchasing an additional 1,149,727 shares during the period. Sherbrooke Park Advisers LLC lifted its holdings in shares of Bit Digital by 113.2% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 38,457 shares of the company's stock valued at $113,000 after purchasing an additional 20,418 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Bit Digital by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 33,753 shares of the company's stock worth $99,000 after buying an additional 11,107 shares during the period. Institutional investors and hedge funds own 47.70% of the company's stock. Bit Digital Company Profile (Get Free Report)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.Read MoreFive stocks we like better than Bit DigitalAre Penny Stocks a Good Fit for Your Portfolio?Are Tariffs Threatening Disney’s Comeback Story?3 Grocery Stocks That Can Help Take a Bite Out of Inflation Is Alphabet a Generational Buying Opportunity at These Levels?How to start investing in penny stocksIs Microsoft Stock Too Cheap to Ignore After Its Latest Drop?This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Bit Digital Right Now?Before you consider Bit Digital, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bit Digital wasn't on the list.While Bit Digital currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here