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Bit Digital Inc. (BTBT): What Is Good About Stock?

Bit Digital Inc. (NASDAQ:BTBT) has a beta value of 5.38 and has seen 4.67 million shares traded in the last trading session. The company, currently valued at $112.48M, closed the last trade at $1.42 per share which meant it gained $0.16 on the day or 12.70% during that session. The BTBT stock price is -276.76% off its 52-week high price of $5.35 and 62.68% above the 52-week low of $0.53. If we look at the company’s 10-day average daily trading volume, we find that it stood at 4.82 million shares traded. The 3-month trading volume is 1.60 million shares.

The consensus among analysts is that Bit Digital Inc. (BTBT) is a Buy stock at the moment, with a recommendation rating of 2.00. 0 analysts rate the stock as a Sell, while 0 rate it as Overweight. 0 out of 1 have rated it as a Hold, with 1 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is -$0.06.

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Bit Digital Inc. (NASDAQ:BTBT) trade information

Sporting 12.70% in the green in last session, the stock has traded in the green over the last five days, with the highest price hit on Monday, 01/23/23 when the BTBT stock price touched $1.42 or saw a rise of 3.4%. Year-to-date, Bit Digital Inc. shares have moved 136.67%, while the 5-day performance has seen it change 20.34%. Over the past 30 days, the shares of Bit Digital Inc. (NASDAQ:BTBT) have changed 150.00%. Short interest in the company has seen 4.85 million shares shorted with days to cover at 4.54.

Wall Street analysts have a consensus price target for the stock at $2.00, which means that the shares’ value could jump 29.0% from current levels. The projected low price target is $2.00 while the price target rests at a high of $2.00. In that case, then, we find that the current price level is -40.85% off the targeted high while a plunge would see the stock gain -40.85% from current levels.

Bit Digital Inc. (BTBT) estimates and forecasts

Figures show that Bit Digital Inc. shares have underperformed across the wider relevant industry. The company’s shares have lost -22.40% over the past 6 months, with this year growth rate of -950.00%, compared to 12.90% for the industry. Revenue growth from the last financial year stood is estimated to be -43.70%.

1 analysts offering their estimates for the company have set an average revenue estimate of $16 million for the current quarter. 1 have an estimated revenue figure of $22.8 million for the next quarter concluding in Dec 2022.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was 50.20% over the past 5 years.

BTBT Dividends

Bit Digital Inc. is expected to release its next earnings report between April 13 and April 17 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.

Bit Digital Inc. (NASDAQ:BTBT)’s Major holders

Insiders own 8.40% of the company shares, while shares held by institutions stand at 15.51% with a share float percentage of 16.94%. Investors are also buoyed by the number of investors in a company, with Bit Digital Inc. having a total of 77 institutions that hold shares in the company. The top two institutional holders are Invesco Ltd. with over 4.56 million shares worth more than $5.98 million. As of Jun 29, 2022, Invesco Ltd. held 5.54% of shares outstanding.

The other major institutional holder is Mirae Asset Global Investments Co., Ltd., with the holding of over 1.07 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $1.4 million and represent 1.29% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Exchange Traded Concepts Tr-Bitwise Crypto Industry Innovators ETF and Global X Fds-Global X Blockchain ETF. As of Jun 29, 2022, the former fund manager holds about 2.07% shares in the company for having 1.71 million shares of worth $2.24 million while later fund manager owns 0.65 million shares of worth $0.79 million as of Sep 29, 2022, which makes it owner of about 0.79% of company’s outstanding stock.

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