Bit Digital Sees Unusually High Options Volume (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) was the target of unusually large options trading activity on Monday. Investors purchased 16,538 call options on the company. This represents an increase of approximately 50% compared to the average daily volume of 11,001 call options.

Institutional Trading of Bit Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bleakley Financial Group LLC acquired a new position in Bit Digital during the 1st quarter valued at about $33,000. Squarepoint Ops LLC acquired a new position in Bit Digital in the second quarter valued at approximately $2,126,000. Millennium Management LLC lifted its holdings in Bit Digital by 66.6% in the second quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after buying an additional 1,033,767 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Bit Digital by 42.4% in the second quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company’s stock valued at $141,000 after acquiring an additional 13,170 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Bit Digital during the 2nd quarter worth $910,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BTBT. HC Wainwright lifted their target price on shares of Bit Digital from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. B. Riley started coverage on Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price target for the company.

Bit Digital Trading Up 24.0 %

BTBT traded up $1.03 during midday trading on Monday, hitting $5.32. The company had a trading volume of 15,116,106 shares, compared to its average volume of 9,369,868. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.40. The firm’s 50-day simple moving average is $3.42 and its 200-day simple moving average is $3.14.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $28.95 million during the quarter, compared to analysts’ expectations of $26.63 million. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. As a group, equities analysts anticipate that Bit Digital will post -0.06 earnings per share for the current fiscal year.

About Bit Digital

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.