Bit Digital Inc. [BTBT] fell -75.00% so far this year. What now?


Bit Digital Inc. [NASDAQ: BTBT] jumped around 0.05 points on Wednesday, while shares priced at $1.52 at the close of the session, up 3.40%. The company report on July 12, 2022 that Bit Digital, Inc. Announces Monthly Production Update for June 2022.

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Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a digital asset mining company headquartered in New York, announced its unaudited bitcoin and Ethereum production and corporate updates for the month of June 2022.

Bit Digital Inc. stock is now -75.00% down from its year-to-date (YTD) trading value. BTBT Stock saw the intraday high of $1.58 and lowest of $1.50 per share. The company’s 52-week high price is 20.74, which means current price is +27.73% above from all time high which was touched on 01/04/22.

Compared to the average trading volume of 2.61M shares, BTBT reached a trading volume of 4693484 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]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BTBT shares is $4.00 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 0.18, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 2.23. The Price to Book ratio for the last quarter was 0.69, with the Price to Cash per share for the same quarter was set at 0.81.

How has BTBT stock performed recently?

Bit Digital Inc. [BTBT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -20.83. With this latest performance, BTBT shares dropped by -3.18% in over the last four-week period, additionally sinking by -64.73% over the last 6 months – not to mention a drop of -74.19% 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 45.52, with the RSI for the last a single of trading hit 42.28, and the three-weeks RSI is set at 45.92 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 1.5788, while it was recorded at 1.7000 for the last single week of trading, and 4.8275 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 +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 16.10 and a Current Ratio set at 16.10.

Insider trade positions for Bit Digital Inc. [BTBT]

There are presently around $18 million, or 15.70% of BTBT stock, in the hands of institutional investors. The top three institutional holders of BTBT stocks are: INVESCO LTD. with ownership of 3,025,677, which is approximately -23.89% of the company’s market cap and around 2.19% of the total institutional ownership; EXCHANGE TRADED CONCEPTS, LLC, holding 1,709,819 shares of the stock with an approximate value of $2.6 million in BTBT stocks shares; and STATE STREET CORP, currently with $1.79 million in BTBT stock with ownership of nearly 17.496% of the company’s market capitalization.

Positions in Bit Digital Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 34 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 2,717,599 shares. Additionally, 34 investors decreased positions by around 15,571,582 shares, while 15 investors held positions by with 6,647,627 shares. The mentioned changes placed institutional holdings at 11,641,554 shares, according to the latest SEC report filing. BTBT stock had 13 new institutional investments in for a total of 216,378 shares, while 23 institutional investors sold positions of 12,491,039 shares during the same period.