Traders Buy Large Volume of Bit Digital Call Options (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) saw unusually large options trading on Thursday. Investors purchased 19,492 call options on the company. This is an increase of 236% compared to the average volume of 5,797 call options.

Insider Transactions at Bit Digital

In other Bit Digital news, CEO Samir Tabar bought 750,000 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The stock was acquired at an average price of $2.00 per share, with a total value of $1,500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,108,089 shares in the company, valued at approximately $4,216,178. This represents a 55.22% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors have recently bought and sold shares of the business. Cerity Partners LLC acquired a new position in shares of Bit Digital in the 1st quarter worth approximately $25,000. OLD Mission Capital LLC bought a new stake in shares of Bit Digital during the fourth quarter worth $31,000. Advance Capital Management Inc. acquired a new stake in shares of Bit Digital in the first quarter valued at $31,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Bit Digital by 2,892.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company’s stock valued at $31,000 after buying an additional 14,692 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new position in Bit Digital during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Price Performance

Shares of Bit Digital stock opened at $1.99 on Friday. The company has a market cap of $414.97 million, a PE ratio of -4.23 and a beta of 5.36. The firm has a fifty day moving average price of $2.29 and a two-hundred day moving average price of $2.67. Bit Digital has a fifty-two week low of $1.69 and a fifty-two week high of $5.74.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Bit Digital had a negative return on equity of 10.83% and a negative net margin of 77.27%. The business had revenue of $25.11 million for the quarter, compared to the consensus estimate of $26.38 million. Analysts expect that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Thursday.

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.