Bit Digital Inc. [BTBT] fell -51.26% so far this year. What now?

Bit Digital Inc. [NASDAQ: BTBT] traded at a low on 10/12/21, posting a -9.95 loss after which it closed the day’ session at $10.68. The company report on October 12, 2021 that Bit Digital Announces Agreements to Purchase 10,000 Antminers from Bitmain.

Bit Digital, Inc. (Nasdaq: BTBT) (the “Company” or “Bit Digital”), a bitcoin mining company headquartered in New York, announced that it has signed agreements with Bitmain Technologies Limited (“Bitmain”) to purchase 10,000 Bitcoin mining hardware. The announced purchases are expected to increase Bit Digital’s miner fleet hash rate by over 1.0 Exahash (“EH/s”).

Bryan Bullett, Bit Digital’s CEO, stated: “By contracting for these Bitmain units, we have opened a new channel in our procurement strategy, diversifying our access to miners. While we believe we continue to enjoy differentiated access to the miner spot market, and expect to continue our ongoing spot purchases, our deal with Bitmain is an efficient means to procure a large quantum of new miners on attractive terms. This is key, as we believe that scale is paramount in importance in the bitcoin mining business. We look forward to a productive ongoing customer relationship with Bitmain.”.

The results of the trading session contributed to over 9811704 shares changing hands. Over the past one week, the price volatility of Bit Digital Inc. stands at 11.12% while the volatility over the past one month is 10.46%.

The market cap for BTBT stock reached $570.74 million, with 49.74 million shares outstanding and 43.78 million shares in the current float. Compared to the average trading volume of 21.77M shares, BTBT reached a trading volume of 9811704 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]?

H.C. Wainwright have made an estimate for Bit Digital Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 23, 2021.

The Average True Range (ATR) for Bit Digital Inc. is set at 1.19, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 6.16. The Price to Book ratio for the last quarter was 5.06, with the Price to Cash per share for the same quarter was set at 0.92.

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 3.19. With this latest performance, BTBT shares gained by 2.69% in over the last four-week period, additionally sinking by -25.05% over the last 6 months – not to mention a rise of 169.02% 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 52.95, with the RSI for the last a single of trading hit 54.80, and the three-weeks RSI is set at 51.93 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 11.36, while it was recorded at 11.23 for the last single week of trading, and 12.79 for the last 200 days.

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 +5.32 and a Gross Margin at +17.26. Bit Digital Inc.’s Net Margin is presently recorded at +9.14.

Return on Total Capital for BTBT is now 5.32, given the latest momentum, and Return on Invested Capital for the company is 9.19. Return on Equity for this stock inclined to 9.19, with Return on Assets sitting at 8.66.

Reflecting on the efficiency of the workforce at the company, Bit Digital Inc. [BTBT] managed to generate an average of $128,290 per employee. Receivables Turnover for the company is 79.55 with a Total Asset Turnover recorded at a value of 0.95.Bit Digital Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 18.80 and a Current Ratio set at 18.80.

Insider trade positions for Bit Digital Inc. [BTBT]

There are presently around $57 million, or 19.30% of BTBT stock, in the hands of institutional investors. The top three institutional holders of BTBT stocks are: STATE STREET CORP with ownership of 979,109, which is approximately New of the company’s market cap and around 23.20% of the total institutional ownership; BLACKROCK INC., holding 681,976 shares of the stock with an approximate value of $7.28 million in BTBT stocks shares; and SUSQUEHANNA INTERNATIONAL GROUP, LLP, currently with $5.33 million in BTBT stock with ownership of nearly 4744.755% of the company’s market capitalization.

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Positions in Bit Digital Inc. stocks held by institutional investors increased at the end of December and at the time of the December reporting period, where 44 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 5,020,856 shares. Additionally, 15 investors decreased positions by around 418,586 shares, while 2 investors held positions by with 138,020 shares. The mentioned changes placed institutional holdings at 5,301,422 shares, according to the latest SEC report filing. BTBT stock had 34 new institutional investments in for a total of 3,982,766 shares, while 7 institutional investors sold positions of 80,958 shares during the same period.

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