Market Analysts see Bit Digital Inc [BTBT] gaining to $6. Time to buy?

Bit Digital Inc [NASDAQ: BTBT] traded at a high on Thursday, posting a 14.80 gain after which it closed the day’ session at $2.87. The company report on March 26, 2024 at 4:30 PM that Bit Digital, Inc. Announces Customer Proposal to Expand Existing Agreement by an Additional 2,048 GPUs.

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 received a proposal from its existing customer for Bit Digital AI to significantly expand the scope of its existing agreement. The proposal calls for an additional 2,048 GPUs, amounting to a total of 4,096 GPUs under the amended agreement. Bit Digital intends to accept the customer proposal, subject to agreement on certain terms and conditions, at which point it would help the Company towards achieving its goal for its Bit Digital AI business to reach a $100 million run-rate for annualized revenue.

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Sam Tabar, Bit Digital’s CEO, commented: “We are pleased to announce another major growth milestone for our bourgeoning Bit Digital AI business. This further commitment from our customer is a testament to our execution in rapidly supplying them with mission critical GPU capacity. Our focus remains on fulfilling our current customer needs and onboarding new customers as we aim to significantly and rapidly scale this business line.”.

The results of the trading session contributed to over 16927805 shares changing hands. Over the past one week, the price volatility of Bit Digital Inc stands at 10.71% while the volatility over the past one month is 10.18%.

The market cap for BTBT stock reached $339.00 million, with 118.12 million shares outstanding and 117.09 million shares in the current float. Compared to the average trading volume of 8.99M shares, BTBT reached a trading volume of 16927805 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 $5.08 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.

Northland Capital have made an estimate for Bit Digital Inc shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on February 13, 2024. While these analysts kept the previous recommendation, H.C. Wainwright raised their target price to Buy. The new note on the price target was released on September 23, 2021, representing the official price target for Bit Digital Inc stock.

The Average True Range (ATR) for Bit Digital Inc is set at 0.26, with the Price to Sales ratio for BTBT stock in the period of the last 12 months amounting to 7.55. The Price to Book ratio for the last quarter was 2.14, with the Price to Cash per share for the same quarter was set at 0.55.

How has BTBT stock performed recently?

Bit Digital Inc [BTBT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 12.11. With this latest performance, BTBT shares gained by 2.87% in over the last four-week period, additionally plugging by 38.65% over the last 6 months – not to mention a rise of 111.03% 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 58.96, with the RSI for the last a single of trading hit 66.04, and the three-weeks RSI is set at 54.97 for Bit Digital Inc [BTBT]. The present Moving Average for the last 50 days of trading for this stock 2.62, while it was recorded at 2.49 for the last single week of trading, and 2.91 for the last 200 days.

Bit Digital Inc [BTBT]: Deeper insight into the fundamentals

Bit Digital Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.04 and a Current Ratio set at 3.04.

Earnings analysis for Bit Digital Inc [BTBT]

With the latest financial reports released by the company, Bit Digital Inc posted -0.03/share EPS, while the average EPS was predicted by analysts to be reported at -0.13/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 76.90%. 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.

Insider trade positions for 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%.