Bit Digital (NASDAQ:BTBT) Stock Price Up 9.4% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price shot up 9.4% on Wednesday . The stock traded as high as $3.72 and last traded at $3.71. 10,872,141 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 15,416,030 shares. The stock had previously closed at $3.39.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BTBT. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley initiated coverage on shares of Bit Digital in a research report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective for the company.

Bit Digital Stock Up 1.4 %

The stock has a 50-day simple moving average of $3.96 and a two-hundred day simple moving average of $3.61. The firm has a market cap of $564.92 million, a PE ratio of 61.33 and a beta of 4.89.

Institutional Investors Weigh In On Bit Digital

Several hedge funds have recently bought and sold shares of BTBT. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bit Digital by 192.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after acquiring an additional 530,411 shares during the last quarter. Stifel Financial Corp purchased a new stake in shares of Bit Digital in the third quarter worth $38,000. Squarepoint Ops LLC purchased a new position in shares of Bit Digital in the second quarter valued at about $2,126,000. Segall Bryant & Hamill LLC purchased a new position in shares of Bit Digital in the third quarter worth $1,222,000. Finally, Millennium Management LLC grew its holdings in Bit Digital by 66.6% during the 2nd 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 in the last quarter. Institutional investors own 47.70% of the company’s stock.

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.