Bit Digital Inc. [NASDAQ: BTBT] gained 4.43% on the last trading session, reaching $2.12 price per share at the time. The company report on April 5, 2023 that Bit Digital, Inc. Announces Monthly Production Update for March 2023.
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 March 2023.
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Bit Digital Inc. represents 83.33 million in outstanding shares, while the company has a total market value of $169.49 million with the latest information. BTBT stock price has been found in the range of $2.0101 to $2.21.
If compared to the average trading volume of 2.24M shares, BTBT reached a trading volume of 4416233 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying 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 $2.50 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 0.17, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 4.47. The Price to Book ratio for the last quarter was 1.18, with the Price to Cash per share for the same quarter was set at 0.70.
Trading performance analysis for BTBT stock
Bit Digital Inc. [BTBT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 17.13. With this latest performance, BTBT shares gained by 66.93% in over the last four-week period, additionally plugging by 105.83% over the last 6 months – not to mention a drop of -22.91% 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 73.34, with the RSI for the last a single of trading hit 77.53, and the three-weeks RSI is set at 69.79 for Bit Digital Inc. [BTBT]. The present Moving Average for the last 50 days of trading for this stock 1.41, while it was recorded at 1.93 for the last single week of trading, and 1.27 for the last 200 days.
Bit Digital Inc. [BTBT]: A deeper dive into fundamental analysis
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.
An analysis of insider ownership at Bit Digital Inc. [BTBT]
There are presently around $14 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 $3.52 million in BTBT stocks shares; and EXCHANGE TRADED CONCEPTS, LLC, currently with $2.54 million in BTBT stock with ownership of nearly 3.917% of the company’s market capitalization.
Positions in Bit Digital Inc. stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 19 institutional holders increased their position in Bit Digital Inc. [NASDAQ:BTBT] by around 2,631,603 shares. Additionally, 24 investors decreased positions by around 2,111,929 shares, while 12 investors held positions by with 2,215,420 shares. The mentioned changes placed institutional holdings at 6,958,952 shares, according to the latest SEC report filing. BTBT stock had 8 new institutional investments in for a total of 183,957 shares, while 13 institutional investors sold positions of 692,775 shares during the same period.