Bit Digital (NASDAQ:BTBT) Stock Price Up 6.1% – Here’s Why

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a research note on Tuesday, November 19th. B. Riley assumed coverage on Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price target on the stock.

Bit Digital Price Performance

The firm’s 50-day moving average price is $4.04 and its 200-day moving average price is $3.58. The stock has a market cap of $566.45 million, a P/E ratio of 61.50 and a beta of 4.80.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. 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 in the last quarter. Virtu Financial LLC bought a new stake in Bit Digital in the 3rd quarter worth approximately $425,000. Barclays PLC raised its holdings in shares of Bit Digital by 81.4% during the 3rd quarter. Barclays PLC now owns 235,106 shares of the company’s stock worth $826,000 after acquiring an additional 105,484 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Bit Digital by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock valued at $8,512,000 after acquiring an additional 42,375 shares during the last quarter. Finally, XTX Topco Ltd grew its holdings 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 valued at $515,000 after purchasing an additional 50,400 shares in the last quarter. Institutional investors own 47.70% of the company’s stock.

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.