Bit Digital Sees Unusually High Options Volume (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of unusually large options trading on Friday. Investors bought 38,906 call options on the company. This represents an increase of approximately 200% compared to the average volume of 12,953 call options.

Bit Digital Price Performance

BTBT opened at $3.33 on Friday. Bit Digital has a 12 month low of $1.69 and a 12 month high of $5.74. The stock has a market capitalization of $694.40 million, a price-to-earnings ratio of -7.09 and a beta of 5.25. The business has a fifty day moving average price of $2.51 and a 200 day moving average price of $2.60.

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

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Thursday, June 26th.

Insider Buying and Selling

In related news, CEO Samir Tabar acquired 750,000 shares of Bit Digital stock in a transaction that occurred on Wednesday, June 25th. The shares were purchased at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the transaction, the chief executive officer owned 2,108,089 shares in the company, valued at $4,216,178. This represents a 55.22% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Brock Jeffrey Pierce acquired 500,000 shares of Bit Digital stock in a transaction that occurred on Wednesday, June 25th. The shares were bought at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the transaction, the director owned 500,000 shares of the company’s stock, valued at $1,000,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.32% of the company’s stock.

Institutional Trading of Bit Digital

Institutional investors and hedge funds have recently made changes to their positions in the company. OLD Mission Capital LLC purchased a new stake in shares of Bit Digital in the 4th quarter valued at about $31,000. Cibc World Markets Corp acquired a new position in Bit Digital in the 4th quarter valued at about $33,000. Cerity Partners LLC acquired a new position in Bit Digital in the 1st quarter valued at about $25,000. Wedbush Securities Inc. acquired a new position in Bit Digital in the 4th quarter valued at about $37,000. Finally, Orion Portfolio Solutions LLC acquired a new position in Bit Digital in the 4th quarter valued at about $38,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.