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

Bit Digital Inc. [NASDAQ: BTBT] closed the trading session at $1.40 on 01/17/23. The day’s price range saw the stock hit a low of $1.26, while the highest price level was $1.47. 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 stocks have a year to date performance of 133.33 percent and weekly performance of 56.62 percent. The stock has been moved at -19.08 percent over the last six months. The stock has performed 86.67 percent around the most recent 30 days and changed 35.92 percent over the most recent 3-months.

If compared to the average trading volume of 1.26M shares, BTBT reached to a volume of 13451952 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to 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 0.13, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 2.81. The Price to Book ratio for the last quarter was 0.78, with the Price to Cash per share for the same quarter was set at 0.73.

BTBT stock trade performance evaluation

Bit Digital Inc. [BTBT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 56.62. With this latest performance, BTBT shares gained by 86.67% in over the last four-week period, additionally sinking by -19.08% over the last 6 months – not to mention a drop of -75.61% 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 79.52, with the RSI for the last a single of trading hit 87.18, and the three-weeks RSI is set at 72.41 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 0.8621, while it was recorded at 1.1336 for the last single week of trading, and 1.4623 for the last 200 days.

Bit Digital Inc. [BTBT]: An insightful look at the core 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 19.80 and a Current Ratio set at 19.80.

Bit Digital Inc. [BTBT]: Insider Ownership positions

There are presently around $9 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 $1.05 million in BTBT stocks shares; and MIRAE ASSET GLOBAL INVESTMENTS CO., LTD., currently with $1.03 million in BTBT stock with ownership of nearly -30.86% of the company’s market capitalization.

Positions in Bit Digital Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 19 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 1,039,691 shares. Additionally, 33 investors decreased positions by around 7,716,652 shares, while 13 investors held positions by with 2,627,817 shares. The mentioned changes placed institutional holdings at 6,128,526 shares, according to the latest SEC report filing. BTBT stock had 8 new institutional investments in for a total of 181,367 shares, while 17 institutional investors sold positions of 653,226 shares during the same period.


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