Bit Digital (NASDAQ:BTBT) Shares Up 2.6% - Here's Why

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) were up 2.6% during trading on Friday . The company traded as high as $1.84 and last traded at $1.78. Approximately 3,576,828 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 13,207,884 shares. The stock had previously closed at $1.73.Wall Street Analysts Forecast GrowthHere’s Why Bitcoin Miners Stopped Rising With Bitcoin Prices A number of research analysts have recently commented on BTBT shares. HC Wainwright reissued a "buy" rating and issued a $7.00 price objective on shares of Bit Digital in a research report on Monday, March 17th. Craig Hallum assumed coverage on Bit Digital in a report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price target for the company.View Our Latest Stock Analysis on Bit DigitalBit Digital Stock Performance5 crypto penny stocks under $5The firm has a fifty day simple moving average of $2.47 and a 200-day simple moving average of $3.33. The firm has a market cap of $277.08 million, a price-to-earnings ratio of 30.25 and a beta of 6.05. Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its earnings results on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The company had revenue of $26.10 million for the quarter, compared to the consensus estimate of $25.06 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. During the same period in the previous year, the firm posted ($0.16) EPS. Analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year. Institutional Investors Weigh In On Bit DigitalA number of hedge funds and other institutional investors have recently modified their holdings of BTBT. OLD Mission Capital LLC acquired a new stake in Bit Digital in the 4th quarter worth about $31,000. Stifel Financial Corp bought a new stake in shares of Bit Digital in the third quarter valued at approximately $38,000. Cibc World Markets Corp acquired a new stake in Bit Digital during the fourth quarter worth approximately $33,000. Wedbush Securities Inc. bought a new position in Bit Digital during the 4th quarter worth $37,000. Finally, Orion Portfolio Solutions LLC acquired a new position in Bit Digital in the 4th quarter valued at $38,000. Institutional investors and hedge funds own 47.70% of the company's stock. About Bit Digital (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.Featured StoriesFive stocks we like better than Bit Digital3 Best Fintech Stocks for a Portfolio BoostJPMorgan is a Buy, if You Can Handle The Volatility Quiet Period Expirations ExplainedUnited States Steel's Crash: An Unmissable Buying OpportunityGrowth Stocks: What They Are, What They Are NotRocket Lab Stock: Weathering the Storm, Time for a Comeback?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