Bit Digital (NASDAQ:BTBT) Shares Gap Up – Should You Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock 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.

Analysts Set New Price Targets

BTBT has been the topic of several recent research reports. B. Riley started coverage on shares of Bit Digital in a research report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target 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 Price Performance

The firm has a market cap of $511.18 million, a price-to-earnings ratio of 55.50 and a beta of 4.80. The stock’s fifty day moving average price is $4.15 and its 200-day moving average price is $3.56.

Institutional Trading of Bit Digital

Several large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Bit Digital by 192.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after buying an additional 530,411 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Bit Digital during the 2nd quarter worth about $2,126,000. Segall Bryant & Hamill LLC purchased a new position in Bit Digital during the 3rd quarter valued at about $1,222,000. Millennium Management LLC grew its stake in Bit Digital by 66.6% during the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after acquiring an additional 1,033,767 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Bit Digital by 42.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company’s stock valued at $141,000 after purchasing an additional 13,170 shares during the period. 47.70% of the stock is owned by institutional investors and hedge funds.

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.