BIT Mining (NYSE:BTCM) Stock Price Up 1% – Should You Buy?

BIT Mining Limited Sponsored ADR (NYSE:BTCM)’s share price rose 1% during trading on Monday . The company traded as high as $1.10 and last traded at $1.06. Approximately 93,606 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 404,970 shares. The stock had previously closed at $1.05.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of BIT Mining in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce”.

BIT Mining Price Performance

The stock’s fifty day moving average price is $1.80 and its 200-day moving average price is $2.45. The firm has a market cap of $17.32 million, a PE ratio of -1.08 and a beta of 3.34.

Institutional Trading of BIT Mining

An institutional investor recently bought a new position in BIT Mining stock. Two Sigma Investments LP acquired a new stake in BIT Mining Limited Sponsored ADR (NYSE:BTCM) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned 0.35% of BIT Mining at the end of the most recent quarter. 5.34% of the stock is owned by institutional investors.

About BIT Mining

Bit Mining Limited, listed on the New York Stock Exchange under the ticker BTCM, is a Cayman Islands–registered blockchain technology company focused on the mining of digital assets. The company maintains self-operated mining farms as well as hosting services for third-party miners, leveraging locations in Sichuan Province, China, and Kazakhstan to capitalize on low-cost power resources. Its operations are supported by proprietary mining pools, including CryptoSTAGE, dedicated to optimizing hash-rate efficiency.

Bit Mining designs, manufactures and markets cryptocurrency mining machines, offering both high-performance hardware and comprehensive after-sales support.