Bit Digital Sees Unusually Large Options Volume (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) saw unusually large options trading on Tuesday. Investors bought 18,945 call options on the company. This is an increase of approximately 254% compared to the average daily volume of 5,359 call options.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating and set a $5.00 price target on shares of Bit Digital in a research report on Friday, May 17th.

Institutional Trading of Bit Digital

A number of hedge funds have recently made changes to their positions in the stock. HBW Advisory Services LLC bought a new position in shares of Bit Digital in the fourth quarter worth approximately $42,000. Gladstone Institutional Advisory LLC bought a new stake in shares of Bit Digital in the 4th quarter worth $42,000. Merit Financial Group LLC purchased a new position in shares of Bit Digital in the fourth quarter worth $42,000. Tower Research Capital LLC TRC lifted its holdings in shares of Bit Digital by 166.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 17,263 shares of the company’s stock valued at $73,000 after purchasing an additional 10,788 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Bit Digital by 24.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 58,097 shares of the company’s stock valued at $246,000 after buying an additional 11,278 shares during the last quarter. 47.70% of the stock is owned by institutional investors.

Bit Digital Stock Up 39.7 %

NASDAQ BTBT opened at $3.40 on Wednesday. The firm has a market capitalization of $280.02 million, a PE ratio of 11.32 and a beta of 4.75. The stock’s 50 day moving average is $2.44 and its 200 day moving average is $2.72. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.27.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Wednesday, May 15th. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. Bit Digital had a net margin of 57.44% and a return on equity of 0.30%. The firm had revenue of $30.29 million for the quarter, compared to the consensus estimate of $25.61 million. On average, research analysts anticipate that Bit Digital will post 0.03 earnings per share for the current year.

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.