Bit Digital (NASDAQ:BTBT) Shares Gap Up – Time to Buy?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $3.21, but opened at $3.38. Bit Digital shares last traded at $3.38, with a volume of 1,587,545 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on BTBT shares. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley began coverage on Bit Digital in a report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective on the stock.

Bit Digital Stock Down 1.6 %

The firm has a market cap of $557.24 million, a PE ratio of 60.50 and a beta of 4.89. The firm has a 50-day moving average price of $3.97 and a two-hundred day moving average price of $3.61.

Hedge Funds Weigh In On Bit Digital

Hedge funds and other institutional investors have recently made changes to their positions in the company. Crescent Grove Advisors LLC purchased a new position in Bit Digital during the third quarter worth approximately $35,000. Creative Planning acquired a new stake in Bit Digital during the third quarter worth $37,000. Thoroughbred Financial Services LLC acquired a new stake in Bit Digital during the second quarter worth $38,000. Stifel Financial Corp acquired a new stake in shares of Bit Digital in the third quarter valued at $38,000. Finally, Victory Capital Management Inc. grew its stake in shares of Bit Digital by 39.3% in the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock valued at $49,000 after buying an additional 4,380 shares in the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Company Profile

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.