H.C. Wainwright lifts Bit Digital Inc. [BTBT] price estimate. Who else is bullish?

Bit Digital Inc. [NASDAQ: BTBT] surged by $0.11 during the normal trading session on Thursday and reaching a high of $1.48 during the day while it closed the day at $1.43. The company report on March 22, 2023 that Bit Digital Announces Strategic Executive Leadership Realignment, Advisory Board and Strategic Priorities for 2023.

Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a digital asset mining company headquartered in New York, today announced a strategic realignment of its executive leadership team. The move is expected to best position leadership roles with respect to the Company’s current business prospects and growth objectives. The Company additionally announced its Advisory Board and outlined strategic priorities for 2023.

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Bit Digital Inc. stock has also gained 18.18% of its value over the past 7 days. However, BTBT stock has inclined by 151.76% in the 3 months of the year. Over the past six months meanwhile, it has gained 15.32% and gained 138.33% year-on date.

The market cap for BTBT stock reached $112.37 million, with 83.33 million shares outstanding and 75.50 million shares in the current float. Compared to the average trading volume of 2.28M shares, BTBT reached a trading volume of 2552193 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 2.96. The Price to Book ratio for the last quarter was 0.80, with the Price to Cash per share for the same quarter was set at 0.71.

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 18.18. With this latest performance, BTBT shares gained by 4.38% in over the last four-week period, additionally plugging by 15.32% over the last 6 months – not to mention a drop of -61.76% 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 59.04, with the RSI for the last a single of trading hit 63.12, and the three-weeks RSI is set at 57.03 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 1.3155, while it was recorded at 1.3520 for the last single week of trading, and 1.2594 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 Total Capital for BTBT is now 12.47, given the latest momentum, and Return on Invested Capital for the company is 4.64. Return on Equity for this stock inclined to 4.64, with Return on Assets sitting at 4.43.

Reflecting on the efficiency of the workforce at the company, Bit Digital Inc. [BTBT] managed to generate an average of $405,334 per employee.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 $10 million, or 8.30% of BTBT stock, in the hands of institutional investors. The top three institutional holders of BTBT stocks are: MIRAE ASSET GLOBAL INVESTMENTS CO., LTD. with ownership of 1,899,139, which is approximately 157.819% of the company’s market cap and around 0.78% of the total institutional ownership; VAN ECK ASSOCIATES CORP, holding 1,734,581 shares of the stock with an approximate value of $2.48 million in BTBT stocks shares; and EXCHANGE TRADED CONCEPTS, LLC, currently with $1.72 million in BTBT stock with ownership of nearly 60.027% of the company’s market capitalization.

Positions in Bit Digital Inc. stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 19 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 3,036,253 shares. Additionally, 26 investors decreased positions by around 2,320,477 shares, while 12 investors held positions by with 1,555,034 shares. The mentioned changes placed institutional holdings at 6,911,764 shares, according to the latest SEC report filing. BTBT stock had 8 new institutional investments in for a total of 183,957 shares, while 15 institutional investors sold positions of 901,323 shares during the same period.


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