Bit Digital Inc [NASDAQ: BTBT] closed the trading session at $2.10 on 10/31/23. The day’s price range saw the stock hit a low of $1.96, while the highest price level was $2.10. The company report on October 25, 2023 at 5:00 PM that Bit Digital, Inc. Announces New Hosting Location.
Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainable digital infrastructure platform for digital assets and cloud computing services, headquartered in New York, is pleased to announce that it has finalized an agreement with Soluna Computing, Inc (“Soluna”) for 4.4 megawatts of incremental hosting capacity at Project Sophie in Kentucky to power its miners for an initial contract term of twelve months. The company will fill the capacity with existing miners from its fleet and expects the miners to be actively hashing by early-November, 2023.
Sam Tabar, Bit Digital’s CEO, commented: “We are pleased to enter into this agreement and further diversify our hosting portfolio both geographically and across counterparties. We believe this contract is structured in such way to provide us with enhanced operational flexibility through the ‘halving’ scheduled for 2024.”.
The stocks have a year to date performance of 250.00 percent and weekly performance of -9.09 percent. The stock has been moved at 3.96 percent over the last six months. The stock has performed -5.83 percent around the most recent 30 days and changed -49.28 percent over the most recent 3-months.
If compared to the average trading volume of 3.25M shares, BTBT reached to a volume of 5741925 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 $4.13 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 1.00. 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 0.19, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 5.22. The Price to Book ratio for the last quarter was 2.16, with the Price to Cash per share for the same quarter was set at 0.61.
BTBT stock trade performance evaluation
Bit Digital Inc [BTBT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.09. With this latest performance, BTBT shares dropped by -5.83% in over the last four-week period, additionally plugging by 3.96% over the last 6 months – not to mention a rise of 96.26% 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 46.85, with the RSI for the last a single of trading hit 48.15, and the three-weeks RSI is set at 45.30 for Bit Digital Inc [BTBT]. The present Moving Average for the last 50 days of trading for this stock 2.20, while it was recorded at 2.12 for the last single week of trading, and 2.38 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 -120.83 and a Gross Margin at -49.26. Bit Digital Inc’s Net Margin is presently recorded at -326.03.
Return on Total Capital for BTBT is now -29.84, given the latest momentum, and Return on Invested Capital for the company is -80.51. Return on Equity for this stock declined to -80.51, with Return on Assets sitting at -75.12.
Reflecting on the efficiency of the workforce at the company, Bit Digital Inc [BTBT] managed to generate an average of -$5,849,811 per employee. Receivables Turnover for the company is 87.71 with a Total Asset Turnover recorded at a value of 0.23.Bit Digital Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 10.31 and a Current Ratio set at 10.31.
Bit Digital Inc [BTBT]: Institutional Ownership
The top three institutional holders of BTBT stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in BTBT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in BTBT stock with ownership which is approximately 5.7994%.