Bit Digital Inc. [BTBT] stock Initiated by H.C. Wainwright analyst, price target now $14

Bit Digital Inc. [NASDAQ: BTBT] stock went on an upward path that rose over 13.42% on Wednesday, amounting to a one-week price increase of more than 5.62%. The company report on August 8, 2022 that Bit Digital, Inc. Announces Monthly Production Update for July 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 July 2022.

Over the last 12 months, BTBT stock dropped by -89.09%. The one-year Bit Digital Inc. stock forecast points to a potential upside of 57.75. 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 $139.34 million, with 69.63 million shares outstanding and 63.90 million shares in the current float. Compared to the average trading volume of 2.66M shares, BTBT stock reached a trading volume of 4044808 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 $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 2.30. The Price to Book ratio for the last quarter was 0.77, with the Price to Cash per share for the same quarter was set at 0.87.

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 5.62. With this latest performance, BTBT shares gained by 10.46% in over the last four-week period, additionally sinking by -60.79% over the last 6 months – not to mention a drop of -89.09% 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 53.77, with the RSI for the last a single of trading hit 56.56, and the three-weeks RSI is set at 51.62 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 1.5620, while it was recorded at 1.5800 for the last single week of trading, and 4.3507 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 16.10 and a Current Ratio set at 16.10.

Bit Digital Inc. [BTBT] Insider Position Details

There are presently around $20 million, or 15.90% 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 8.40% of the total institutional ownership; EXCHANGE TRADED CONCEPTS, LLC, holding 1,709,819 shares of the stock with an approximate value of $2.89 million in BTBT stocks shares; and STATE STREET CORP, currently with $2.0 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 31 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 2,596,210 shares. Additionally, 36 investors decreased positions by around 15,661,469 shares, while 13 investors held positions by with 6,542,176 shares. The mentioned changes placed institutional holdings at 11,715,503 shares, according to the latest SEC report filing. BTBT stock had 12 new institutional investments in for a total of 216,364 shares, while 22 institutional investors sold positions of 12,521,352 shares during the same period.


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