Bit Digital (NASDAQ:BTBT) Shares Gap Up – Here’s Why

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 changing hands.

Analyst Ratings Changes

BTBT has been the topic of a number of research reports. B. Riley assumed coverage on shares of Bit Digital in a research note 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 issued a $7.00 target price on shares of Bit Digital in a research report on Tuesday, November 19th.

Bit Digital Stock Up 4.7 %

The company’s 50-day simple moving average is $4.15 and its 200 day simple moving average is $3.56. The company has a market capitalization of $511.18 million, a P/E ratio of 55.50 and a beta of 4.80.

Institutional Investors Weigh In On Bit Digital

Large investors have recently bought and sold shares of the business. Tidal Investments LLC lifted its position 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 buying an additional 8,250 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Bit Digital in the 3rd quarter valued at approximately $425,000. Barclays PLC lifted its holdings in Bit Digital by 81.4% in the 3rd quarter. Barclays PLC now owns 235,106 shares of the company’s stock worth $826,000 after purchasing an additional 105,484 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Bit Digital by 1.8% in the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock valued at $8,512,000 after purchasing an additional 42,375 shares during the period. Finally, XTX Topco Ltd lifted its stake in shares of Bit Digital by 52.4% in the third quarter. XTX Topco Ltd now owns 146,614 shares of the company’s stock worth $515,000 after buying an additional 50,400 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors.

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.