H.C. Wainwright slashes price target on Bit Digital Inc. [BTBT] – find out why.


Bit Digital Inc. [NASDAQ: BTBT] price surged by 6.57 percent to reach at $0.14. The company report on April 29, 2022 that Bit Digital, Inc. Announces Bitcoin Production and Mining Operations Update for the First Quarter of 2022.

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Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a bitcoin mining company headquartered in New York, announced its unaudited bitcoin production and mining operations update for the first quarter ended March 31, 2022.

A sum of 3994415 shares traded at recent session while its average daily volume was at 3.84M shares. Bit Digital Inc. shares reached a high of $2.27 and dropped to a low of $1.98 until finishing in the latest session at $2.27.

The one-year BTBT stock forecast points to a potential upside of 83.79. The average equity rating for BTBT stock is currently 2.00, trading closer to a bullish pattern in the stock market.

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 0.24, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 1.87. The Price to Book ratio for the last quarter was 0.96, with the Price to Cash per share for the same quarter was set at 1.18.

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 10.73. With this latest performance, BTBT shares dropped by -38.81% in over the last four-week period, additionally sinking by -81.08% over the last 6 months – not to mention a drop of -81.04% 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 37.48, with the RSI for the last a single of trading hit 40.33, and the three-weeks RSI is set at 37.35 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 3.15, while it was recorded at 2.15 for the last single week of trading, and 7.42 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 +13.60 and a Gross Margin at +54.36. Bit Digital Inc.’s Net Margin is presently recorded at +5.06.

Return on Equity for this stock inclined to 4.64, with Return on Assets sitting at 4.43.

Bit Digital Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 19.10 and a Current Ratio set at 19.10.

Bit Digital Inc. [BTBT] Insider Position Details

There are presently around $50 million, or 33.30% of BTBT stock, in the hands of institutional investors. The top three institutional holders of BTBT stocks are: ARMISTICE CAPITAL, LLC with ownership of 4,215,852, which is approximately 0% of the company’s market cap and around 16.37% of the total institutional ownership; SABBY MANAGEMENT, LLC, holding 4,215,852 shares of the stock with an approximate value of $8.98 million in BTBT stocks shares; and INVESCO LTD., currently with $8.47 million in BTBT stock with ownership of nearly 10220.853% of the company’s market capitalization.

40 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 7,206,775 shares. Additionally, 21 investors decreased positions by around 672,943 shares, while 19 investors held positions by with 15,759,692 shares. The mentioned changes placed institutional holdings at 23,639,410 shares, according to the latest SEC report filing. BTBT stock had 16 new institutional investments in for a total of 1,970,356 shares, while 12 institutional investors sold positions of 198,145 shares during the same period.