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

Bit Digital, Inc. (NASDAQ:BTBT) saw some unusual options trading activity on Friday. Investors bought 79,865 call options on the stock. This is an increase of 76% compared to the average volume of 45,323 call options.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BTBT shares. Wall Street Zen upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. Weiss Ratings restated a “sell (d)” rating on shares of Bit Digital in a report on Saturday, September 27th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a research report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Bit Digital currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.33.

Bit Digital Stock Up 0.6%

Shares of BTBT stock opened at $3.50 on Friday. The company has a 50 day moving average price of $2.93 and a 200-day moving average price of $2.61. Bit Digital has a 52 week low of $1.69 and a 52 week high of $5.74. The firm has a market capitalization of $1.13 billion, a PE ratio of -11.29 and a beta of 4.77.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. The company had revenue of $25.66 million for the quarter, compared to analysts’ expectations of $27.46 million. Analysts anticipate that Bit Digital will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently modified their holdings of BTBT. Cerity Partners LLC purchased a new stake in Bit Digital during the first quarter valued at $25,000. Walleye Trading LLC purchased a new position in Bit Digital in the second quarter worth about $25,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Bit Digital by 2,892.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company’s stock valued at $31,000 after purchasing an additional 14,692 shares during the period. Plancorp LLC increased its position in shares of Bit Digital by 34.8% during the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company’s stock valued at $34,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Byrne Asset Management LLC increased its position in shares of Bit Digital by 207.7% during the 1st quarter. Byrne Asset Management LLC now owns 17,538 shares of the company’s stock valued at $35,000 after purchasing an additional 11,838 shares during the last quarter. 47.70% of the stock is currently 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.