Bit Digital Inc. [BTBT] Revenue clocked in at $0.70 million, up 1919.52% YTD: What’s Next?

Bit Digital Inc. [NASDAQ: BTBT] traded at a high on 11/30/20, posting a 27.69 gain after which it closed the day’ session at $8.07. The company report on November 11, 2020 that Bit Digital, Inc. enters into asset purchase agreements to acquire $13,903,088 worth of bitcoin miners with total hash power capacity of 1,000 Ph/s.

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Bit Digital, Inc. (Nasdaq: BTBT), a Nasdaq listed Bitcoin mining company headquartered in New York announced that it had entered into asset purchase agreements with certain non-U.S. investors to issue an aggregate of 4,344,711 ordinary shares at the price of $3.20 per share, or total consideration of $13,903,088 in exchange for bitcoin miners.

Once the transaction closes, upon Nasdaq listing of the shares, the total hash power capacity of the Company will increase by approximately 1,000 Ph/s from 1,250 Ph/s to 2,250 Ph/s. The Company commenced the bitcoin mining business in February, 2020. By June 30, 2020, the Company had only 310 Ph/s hash power and by September 30, 2020, the hash power had increased to 1,250 Ph/s.

The results of the trading session contributed to over 1945576 shares changing hands. Over the past one week, the price volatility of Bit Digital Inc. stands at 19.64% while the volatility over the past one month is 15.22%.

The market cap for BTBT stock reached $405.68 million, with 17.38 million shares outstanding and 16.51 million shares in the current float. Compared to the average trading volume of 256.64K shares, BTBT reached a trading volume of 1945576 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Bit Digital Inc. [BTBT]?

The Average True Range (ATR) for Bit Digital Inc. is set at 0.90, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 579.54. The Price to Book ratio for the last quarter was 11.21, with the Price to Cash per share for the same quarter was set at 0.05.

How has BTBT stock performed recently?

Bit Digital Inc. [BTBT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 32.30. With this latest performance, BTBT shares gained by 112.93% in over the last four-week period, additionally plugging by 640.37% over the last 6 months – not to mention a rise of 214.01% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BTBT stock in for the last two-week period is set at 73.93, with the RSI for the last a single of trading hit 75.39, and the three-weeks RSI is set at 71.89 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 4.45, while it was recorded at 6.83 for the last single week of trading.

Bit Digital Inc. [BTBT]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Bit Digital Inc. [BTBT] shares currently have an operating margin of -208.88. Bit Digital Inc.’s Net Margin is presently recorded at -207.13.

Return on Total Capital for BTBT is now -117.50, given the latest momentum, and Return on Invested Capital for the company is -121.91. Return on Equity for this stock declined to -121.91, with Return on Assets sitting at -110.83.

Reflecting on the efficiency of the workforce at the company, Bit Digital Inc. [BTBT] managed to generate an average of -$150,321 per employee. Receivables Turnover for the company is 13.61 with a Total Asset Turnover recorded at a value of 0.54.Bit Digital Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.20 and a Current Ratio set at 2.20.

Insider trade positions for Bit Digital Inc. [BTBT]

There are presently around $1 million, or 0.40% of BTBT stock, in the hands of institutional investors. The top three institutional holders of BTBT stocks are: HRT FINANCIAL LP with ownership of 54,693, which is approximately 206.868% of the company’s market cap and around 25.65% of the total institutional ownership; INVESCO LTD., holding 38,653 shares of the stock with an approximate value of $0.31 million in BTBT stocks shares; and VIRTU FINANCIAL LLC, currently with $0.21 million in BTBT stock with ownership of nearly New of the company’s market capitalization.

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6 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 129,958 shares. Additionally, 2 investors decreased positions by around 75,173 shares, while 0 investors held positions by with 57,350 shares. The mentioned changes placed institutional holdings at 147,781 shares, according to the latest SEC report filing. BTBT stock had 5 new institutional investments in for a total of 93,088 shares, while 2 institutional investors sold positions of 75,173 shares during the same period.

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