Bit Digital Inc [BTBT] Is Currently 3.16 above its 200 Period Moving Avg: What Does This Mean?

Bit Digital Inc [NASDAQ: BTBT] gained 3.16% or 0.08 points to close at $2.61 with a heavy trading volume of 5796332 shares. The company report on January 10, 2024 at 8:30 AM that Bit Digital, Inc. Announces Upsized Customer Contract for Bit Digital AI.

Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City, is pleased to announce that it has increased the scope of its contract with its first customer of its Bit Digital AI business line. Under the terms of the agreement, Bit Digital will supply the customer with computational power from an additional 512 GPUs for a period of three years. The total contract value with the customer for an aggregate of 2,048 GPUs is now worth more than $50 million of annualized revenue to Bit Digital.

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To fulfill the contract, the Company has placed a purchase order for 64 servers manufactured by Super Micro Computer, Inc., an authorized Nvidia OEM, that are equipped with 512 Nvidia HGX H100 GPUs along with related equipment, which are expected to be delivered to the Company during January 2024. The servers will be deployed in Iceland at the datacenter where the Company’s existing AI servers are located. As of the date of this press release, 128 AI servers have been successfully installed at the datacenter in Iceland and are undergoing testing. The remaining servers are expected to arrive at the datacenter during January 2024.

The daily chart for BTBT points out that the company has recorded -34.09% loss over the past six months.

If we look at the average trading volume of 8.04M shares, BTBT reached to a volume of 5796332 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 $5.73 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 0.40, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 6.49. The Price to Book ratio for the last quarter was 2.68, with the Price to Cash per share for the same quarter was set at 0.61.

Trading performance analysis for BTBT stock

Bit Digital Inc [BTBT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.62. With this latest performance, BTBT shares dropped by -20.43% in over the last four-week period, additionally sinking by -34.09% over the last 6 months – not to mention a rise of 115.70% 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 38.35, with the RSI for the last a single of trading hit 32.22, and the three-weeks RSI is set at 42.49 for Bit Digital Inc [BTBT]. The present Moving Average for the last 50 days of trading for this stock 3.03, while it was recorded at 2.62 for the last single week of trading, and 2.82 for the last 200 days.

Bit Digital Inc [BTBT]: A deeper dive into fundamental analysis

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]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Bit Digital Inc posted -0.16/share EPS, while the average EPS was predicted by analysts to be reported at -0.11/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -45.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BTBT.

An analysis of Institutional ownership at Bit Digital Inc [BTBT]

The top three institutional holders of BTBT stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in BTBT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in BTBT stock with ownership which is approximately 5.8325%.