BIT Mining (NYSE:BTCM) Trading Up 1% – Still a Buy?

BIT Mining Limited Sponsored ADR (NYSE:BTCM)’s share price traded up 1% during mid-day trading on Thursday . The stock traded as high as $1.01 and last traded at $0.99. 184,025 shares changed hands during trading, a decline of 55% from the average session volume of 404,970 shares. The stock had previously closed at $0.98.

Wall Street Analyst Weigh In

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 issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce”.

BIT Mining Price Performance

The business’s 50-day moving average price is $1.09 and its two-hundred day moving average price is $2.06. The firm has a market cap of $16.18 million, a price-to-earnings ratio of -1.01 and a beta of 3.34.

Institutional Investors Weigh In On BIT Mining

An institutional investor recently bought a new position in BIT Mining stock. Two Sigma Investments LP purchased a new position in shares of BIT Mining Limited Sponsored ADR (NYSE:BTCM) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned about 0.35% of BIT Mining as of its most recent filing with the Securities and Exchange Commission (SEC). 5.34% of the stock is currently owned by institutional investors.

BIT Mining Company Profile

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.