Bit Digital Target of Unusually High Options Trading (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) saw some unusual options trading on Tuesday. Stock traders acquired 38,654 call options on the stock. This is an increase of 71% compared to the typical volume of 22,665 call options.

Insider Activity

In other Bit Digital news, Director Brock Jeffrey Pierce purchased 500,000 shares of the business’s stock in a transaction on Wednesday, June 25th. The shares were bought at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the director directly owned 500,000 shares of the company’s stock, valued at approximately $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Samir Tabar acquired 750,000 shares of the stock in a transaction dated Wednesday, June 25th. The stock was acquired at an average cost of $2.00 per share, with a total value of $1,500,000.00. Following the purchase, the chief executive officer owned 2,108,089 shares of the company’s stock, valued at approximately $4,216,178. This trade represents a 55.22% increase in their position. The disclosure for this purchase can be found here. Insiders own 41.30% of the company’s stock.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently modified their holdings of BTBT. OLD Mission Capital LLC purchased a new stake in shares of Bit Digital in the fourth quarter valued at about $31,000. Cerity Partners LLC acquired a new position in shares of Bit Digital during the 1st quarter worth approximately $25,000. Wedbush Securities Inc. purchased a new stake in Bit Digital in the 4th quarter valued at approximately $37,000. Orion Portfolio Solutions LLC purchased a new stake in Bit Digital in the 4th quarter valued at approximately $38,000. Finally, Stifel Financial Corp grew its holdings in Bit Digital by 31.0% during the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company’s stock valued at $41,000 after buying an additional 3,320 shares during the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Price Performance

NASDAQ:BTBT opened at $2.93 on Wednesday. The firm has a market cap of $937.48 million, a price-to-earnings ratio of -6.23 and a beta of 5.25. The firm’s fifty day moving average price is $2.80 and its 200 day moving average price is $2.61. Bit Digital has a 1-year low of $1.69 and a 1-year high of $5.74.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, meeting 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 company had revenue of $25.11 million for the quarter, compared to analyst estimates of $26.38 million. As a group, analysts expect that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.