Investors Buy High Volume of Bit Digital Call Options (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of some unusual options trading activity on Wednesday. Investors purchased 22,596 call options on the stock. This represents an increase of 58% compared to the typical daily volume of 14,317 call options.

Bit Digital Trading Up 18.4 %

Shares of BTBT stock opened at $4.43 on Friday. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.74. The business’s fifty day simple moving average is $3.84 and its 200-day simple moving average is $3.33. The company has a market cap of $365.39 million, a PE ratio of 73.83 and a beta of 4.79.

Hedge Funds Weigh In On Bit Digital

Several hedge funds have recently modified their holdings of the stock. Crescent Grove Advisors LLC purchased a new stake in Bit Digital during the 3rd quarter worth approximately $35,000. Creative Planning acquired a new stake in shares of Bit Digital during the third quarter worth $37,000. Thoroughbred Financial Services LLC purchased a new stake in shares of Bit Digital during the second quarter valued at $38,000. Stifel Financial Corp acquired a new position in shares of Bit Digital in the 3rd quarter valued at $38,000. Finally, Victory Capital Management Inc. lifted its position in Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after acquiring an additional 4,380 shares during the period. Institutional investors and hedge funds own 47.70% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. B. Riley assumed coverage on Bit Digital in a research report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Tuesday, November 19th.

About Bit Digital

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.