BIT Mining (NYSE:BTCM) Trading Up 8.2% – Here’s What Happened

BIT Mining Limited Sponsored ADR (NYSE:BTCM) shares were up 8.2% during mid-day trading on Wednesday . The company traded as high as $3.10 and last traded at $3.10. Approximately 585,088 shares were traded during mid-day trading, an increase of 57% from the average daily volume of 372,622 shares. The stock had previously closed at $2.86.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BTCM shares. Weiss Ratings restated a “sell (d-)” rating on shares of BIT Mining in a report on Tuesday. Wall Street Zen upgraded BIT Mining to a “hold” rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, BIT Mining presently has an average rating of “Reduce”.

BIT Mining Price Performance

The company has a fifty day moving average of $2.86 and a 200-day moving average of $2.43. The firm has a market capitalization of $50.57 million, a PE ratio of -2.36 and a beta of 3.34.

About BIT Mining

BIT Mining Limited operates as a cryptocurrency mining company in the Mainland China, the United States, and Hong Kong. The company operates in two segments: Data Center and Cryptocurrency Mining. It operates a cryptocurrency mining data center in Ohio with power capacity of 82.5 megawatts; and purchases and deploys bitcoin mining machines.