Bit Digital (NASDAQ:BTBT) Trading Up 6.1% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT) traded up 6.1% during mid-day trading on Friday . The stock traded as high as $3.36 and last traded at $3.31. 2,646,713 shares traded hands during trading, a decline of 71% from the average session volume of 9,120,877 shares. The stock had previously closed at $3.12.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BTBT shares. HC Wainwright reiterated 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 research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective for the company.

Bit Digital Price Performance

The stock’s 50-day simple moving average is $4.04 and its two-hundred day simple moving average is $3.58. The firm has a market cap of $566.45 million, a P/E ratio of 61.50 and a beta of 4.80.

Institutional Investors Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently modified their holdings of BTBT. Victory Capital Management Inc. increased its stake 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 grew its holdings in shares of Bit Digital by 22.0% in the third quarter. Tidal Investments LLC now owns 45,800 shares of the company’s stock worth $161,000 after purchasing an additional 8,250 shares during the last quarter. Crescent Grove Advisors LLC purchased a new position in Bit Digital in the 3rd quarter worth about $35,000. Creative Planning bought a new stake in Bit Digital during the 3rd quarter valued at about $37,000. Finally, Stifel Financial Corp purchased a new stake in Bit Digital in the 3rd quarter valued at about $38,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

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.