Bit Digital Inc. [BTBT] gain 48.98% so far this year. What now?

Bit Digital Inc. [NASDAQ: BTBT] traded at a high on 01/09/23, posting a 22.12 gain after which it closed the day’ session at $0.89. The company report on January 6, 2023 that Bit Digital, Inc. Announces Monthly Production Update for December 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 production and corporate updates for the month of December 2022.

The results of the trading session contributed to over 6945386 shares changing hands. Over the past one week, the price volatility of Bit Digital Inc. stands at 16.55% while the volatility over the past one month is 12.00%.

The market cap for BTBT stock reached $78.52 million, with 83.33 million shares outstanding and 75.50 million shares in the current float. Compared to the average trading volume of 952.80K shares, BTBT reached a trading volume of 6945386 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 $2.00 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 0.09, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 2.07. The Price to Book ratio for the last quarter was 0.50, with the Price to Cash per share for the same quarter was set at 0.63.

How has BTBT stock performed recently?

Bit Digital Inc. [BTBT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 48.98. With this latest performance, BTBT shares gained by 22.33% in over the last four-week period, additionally sinking by -43.42% over the last 6 months – not to mention a drop of -84.04% 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 62.11, with the RSI for the last a single of trading hit 71.09, and the three-weeks RSI is set at 55.82 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 0.8542, while it was recorded at 0.7568 for the last single week of trading, and 1.5320 for the last 200 days.

Bit Digital Inc. [BTBT]: Deeper insight into the fundamentals

Bit Digital Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 19.80 and a Current Ratio set at 19.80.

Insider trade positions for Bit Digital Inc. [BTBT]

There are presently around $6 million, or 8.30% of BTBT stock, in the hands of institutional investors. The top three institutional holders of BTBT stocks are: VAN ECK ASSOCIATES CORP with ownership of 784,643, which is approximately 48.09% of the company’s market cap and around 0.78% of the total institutional ownership; EXCHANGE TRADED CONCEPTS, LLC, holding 752,728 shares of the stock with an approximate value of $0.67 million in BTBT stocks shares; and MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., currently with $0.66 million in BTBT stock with ownership of nearly -30.86% of the company’s market capitalization.

19 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 1,039,691 shares. Additionally, 31 investors decreased positions by around 7,676,452 shares, while 15 investors held positions by with 2,547,417 shares. The mentioned changes placed institutional holdings at 6,168,726 shares, according to the latest SEC report filing. BTBT stock had 8 new institutional investments in for a total of 181,367 shares, while 15 institutional investors sold positions of 613,026 shares during the same period.

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