Bit Digital Inc. [BTBT] Is Currently 3.29 below its 200 Period Moving Avg: What Does This Mean?


Bit Digital Inc. [NASDAQ: BTBT] stock went on an upward path that rose over 3.29% on 1/12/2022, amounting to a one-week price increase of more than 5.66%. The company report on December 15, 2021 that Bit Digital Announces New Investor Presentation.

Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a public bitcoin mining company headquartered in New York, is pleased to announce its new investor presentation is now available on the Company’s website in the Investors section.

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Bit Digital is an American sustainability-focused generator of digital assets with a mission to build the largest global digital asset mining platform. The Company owns a fleet of nearly 40,000 miners, with a projected weighted average power cost of $0.036 kWh, a production cost of $5,978/BTC, and a hash rate of 2.6 EH/s. Bit Digital operates an institutional scale digital asset portfolio across five sites in the US and Canada. The Company continues to increase the number of bitcoins mined reaching 3,335 historically in 3Q21 versus 814 in 3Q20. Bit Digital brings proven institutional capabilities and access to strategic opportunities in the North American market through its seasoned NYC based leadership team with strong experience in the digital assets and mining space. The Company continues to strengthen its strategic commitment to sustainability with about half of its operations running on carbon-free energy sources, with a goal of 100% sustainable power. Bit Digital maximizes ROE by focusing investment on mining assets, while leveraging strategic partnerships for access to physical infrastructure and low-cost energy. With over 200MW of contracted hosting power, Bit Digital is well positioned to expand its fleet in 2022.

Over the last 12 months, BTBT stock dropped by -67.13%. The one-year Bit Digital Inc. stock forecast points to a potential upside of 57.36. The average equity rating for BTBT stock is currently 2.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $432.82 million, with 54.68 million shares outstanding and 29.90 million shares in the current float. Compared to the average trading volume of 5.02M shares, BTBT stock reached a trading volume of 2919804 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Bit Digital Inc. [BTBT]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BTBT shares is $14.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BTBT stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

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 0.58, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 4.55. The Price to Book ratio for the last quarter was 3.37, with the Price to Cash per share for the same quarter was set at 0.85.

BTBT Stock Performance Analysis:

Bit Digital Inc. [BTBT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.66. With this latest performance, BTBT shares dropped by -13.35% in over the last four-week period, additionally plugging by 16.60% over the last 6 months – not to mention a drop of -67.13% 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 38.62, with the RSI for the last a single of trading hit 43.03, and the three-weeks RSI is set at 38.54 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 8.44, while it was recorded at 5.60 for the last single week of trading, and 9.81 for the last 200 days.

Insight into Bit Digital Inc. 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 17.70 and a Current Ratio set at 17.70.

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Bit Digital Inc. [BTBT] Insider Position Details

There are presently around $101 million, or 25.80% of BTBT stock, in the hands of institutional investors. The top three institutional holders of BTBT stocks are: SABBY MANAGEMENT, LLC with ownership of 4,216,310, which is approximately New of the company’s market cap and around 16.37% of the total institutional ownership; ARMISTICE CAPITAL, LLC, holding 4,215,852 shares of the stock with an approximate value of $25.17 million in BTBT stocks shares; and HUDSON BAY CAPITAL MANAGEMENT LP, currently with $7.43 million in BTBT stock with ownership of nearly New of the company’s market capitalization.

Positions in Bit Digital Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 48 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 13,948,943 shares. Additionally, 30 investors decreased positions by around 2,267,944 shares, while 8 investors held positions by with 764,715 shares. The mentioned changes placed institutional holdings at 16,981,602 shares, according to the latest SEC report filing. BTBT stock had 34 new institutional investments in for a total of 13,063,127 shares, while 21 institutional investors sold positions of 1,777,240 shares during the same period.