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

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of unusually large options trading activity on Monday. Traders acquired 16,538 call options on the stock. This represents an increase of 50% compared to the typical daily volume of 11,001 call options.

Hedge Funds Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its holdings 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 acquiring an additional 4,380 shares during the last quarter. Crescent Grove Advisors LLC bought a new position in shares of Bit Digital in the third quarter valued at approximately $35,000. Creative Planning acquired a new stake in shares of Bit Digital in the third quarter worth $37,000. Bleakley Financial Group LLC acquired a new position in Bit Digital in the 1st quarter valued at $33,000. Finally, Thoroughbred Financial Services LLC bought a new position in Bit Digital in the 2nd quarter worth $38,000. Institutional investors own 47.70% of the company’s stock.

Bit Digital Price Performance

Shares of NASDAQ:BTBT opened at $5.52 on Wednesday. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.74. The firm has a fifty day moving average of $3.52 and a two-hundred day moving average of $3.18.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Monday, August 19th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. The firm had revenue of $28.95 million for the quarter, compared to the consensus estimate of $26.63 million. On average, equities analysts predict that Bit Digital will post -0.06 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on BTBT shares. B. Riley assumed coverage on Bit Digital in a research report on Thursday, October 24th. They issued a “buy” rating and a $6.00 target price for the company. HC Wainwright increased their price objective on Bit Digital from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th.

About Bit Digital

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.