Bit Digital Inc [BTBT] Is Currently 5.36 above its 200 Period Moving Avg: What Does This Mean?

Bit Digital Inc [NASDAQ: BTBT] surged by $0.15 during the normal trading session on while it closed the day at $2.95. The company report on January 23, 2024 at 8:00 AM that Bit Digital, Inc. Announces Commencement of Revenue Generation for Inaugural AI Contract.

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 its customer contract for its Bit Digital AI business has commenced revenue generation as of the date of this report. 192 servers, representing 1,536 GPUs, began generating revenue on January 23, 2024. An additional 64 servers, representing 512 GPUs, are expected to start earning revenue by the end of January 2024. The total contract value for 2,048 GPUs is worth more than $50 million of annualized revenue to Bit Digital.

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Sam Tabar, Bit Digital’s CEO, commented: “We are excited to begin earning revenue from our inaugural contract for our Bit Digital AI business. We expect that the steady revenue and strong margin contribution from this contract will strengthen our overall financial profile and make us more resilient to potential downswings in the price of bitcoin. Additionally, we believe the steady cash flows from this contract will enable us to opportunistically acquire new bitcoin mining rigs as we strive towards our goal of doubling our operating fleet to approximately 6.0 EH/s during 2024.”.

Bit Digital Inc stock has also gained 13.03% of its value over the past 7 days. However, BTBT stock has inclined by 39.48% in the 3 months of the year. Over the past six months meanwhile, it has lost -30.26% and lost -30.26% year-on date.

The market cap for BTBT stock reached $250.84 million, with 85.03 million shares outstanding and 84.62 million shares in the current float. Compared to the average trading volume of 7.90M shares, BTBT reached a trading volume of 7229879 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 $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 0.35, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 7.33. The Price to Book ratio for the last quarter was 3.03, 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] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 13.03. With this latest performance, BTBT shares dropped by -40.76% in over the last four-week period, additionally sinking by -30.26% over the last 6 months – not to mention a rise of 109.22% 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 48.25, with the RSI for the last a single of trading hit 50.77, and the three-weeks RSI is set at 48.73 for Bit Digital Inc [BTBT]. The present Moving Average for the last 50 days of trading for this stock 3.09, while it was recorded at 2.66 for the last single week of trading, and 2.85 for the last 200 days.

Bit Digital Inc [BTBT]: An insightful look at the core fundamentals

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.

Earnings per share (EPS) analysis for Bit Digital Inc [BTBT] stock

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.

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 8.2815%. 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%.