Market cap of BIT Mining Limited [BTCM] reaches 62.14M – now what?


BIT Mining Limited [NYSE: BTCM] traded at a high on 07/20/22, posting a 12.83 gain after which it closed the day’ session at $0.81. The company report on July 12, 2022 that BIT Mining Announces Sale of Shares of Loto Interactive Limited.

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BIT Mining Limited (NYSE: BTCM) (“BIT Mining” or the “Company”), a leading technology-driven cryptocurrency mining company, today announced that the Company entered into a share sale and purchase agreement (the “Sale and Purchase Agreement”) with an unaffiliated third party (the “Buyer”), pursuant to which the Company agreed to sell, and the Buyer agreed to purchase approximately 51% of the total issued share capital of Loto Interactive Limited (“Loto Interactive”), representing 279,673,200 shares of Loto Interactive at the price of HK$0.28 per share (the “Sale Price”) for the total consideration of HK$78,308,496 (the “Transaction”). After the Transaction, the Company’s share ownership in Loto Interactive will decrease to 8.79%.

The Transaction is subject to the satisfaction of the conditions set out in the Sale and Purchase Agreement. In addition, the terms of the Transaction may be amended further subject to comments from the applicable regulatory authorities as necessary.

The results of the trading session contributed to over 4681095 shares changing hands. Over the past one week, the price volatility of BIT Mining Limited stands at 9.66% while the volatility over the past one month is 11.48%.

The market cap for BTCM stock reached $62.14 million, with 71.01 million shares outstanding and 38.23 million shares in the current float. Compared to the average trading volume of 1.04M shares, BTCM reached a trading volume of 4681095 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 Mining Limited [BTCM]?

The Average True Range (ATR) for BIT Mining Limited is set at 0.12, with the Price to Sales ratio for BTCM stock in the period of the last 12 months amounting to 0.04. The Price to Book ratio for the last quarter was 0.32.

How has BTCM stock performed recently?

BIT Mining Limited [BTCM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 15.98. With this latest performance, BTCM shares dropped by -25.00% in over the last four-week period, additionally sinking by -75.60% over the last 6 months – not to mention a drop of -82.58% 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 BTCM stock in for the last two-week period is set at 43.59, with the RSI for the last a single of trading hit 52.82, and the three-weeks RSI is set at 40.50 for BIT Mining Limited [BTCM]. The present Moving Average for the last 50 days of trading for this stock 1.2895, while it was recorded at 0.7052 for the last single week of trading, and 4.1010 for the last 200 days.

BIT Mining Limited [BTCM]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and BIT Mining Limited [BTCM] shares currently have an operating margin of -1.81 and a Gross Margin at +0.35. BIT Mining Limited’s Net Margin is presently recorded at -3.90.

Return on Equity for this stock declined to -42.52, with Return on Assets sitting at -28.13.

BIT Mining Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.30.

Earnings analysis for BIT Mining Limited [BTCM]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BTCM. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for BIT Mining Limited go to 15.75%.

Insider trade positions for BIT Mining Limited [BTCM]

There are presently around $8 million, or 11.40% of BTCM stock, in the hands of institutional investors. The top three institutional holders of BTCM stocks are: SC CHINA HOLDING LTD with ownership of 3,504,273, which is approximately 0% of the company’s market cap and around 13.81% of the total institutional ownership; LVW ADVISORS, LLC, holding 1,250,000 shares of the stock with an approximate value of $1.01 million in BTCM stocks shares; and STATE STREET CORP, currently with $0.97 million in BTCM stock with ownership of nearly 4.518% of the company’s market capitalization.

Positions in BIT Mining Limited stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 23 institutional holders increased their position in BIT Mining Limited [NYSE:BTCM] by around 1,806,357 shares. Additionally, 23 investors decreased positions by around 4,313,092 shares, while 3 investors held positions by with 3,167,623 shares. The mentioned changes placed institutional holdings at 9,287,072 shares, according to the latest SEC report filing. BTCM stock had 8 new institutional investments in for a total of 989,711 shares, while 13 institutional investors sold positions of 3,780,431 shares during the same period.