A Review of Bit Digital Inc (NASDAQ: BTBT)’s Performance and Growth Prospects

In the last trading session, 12.86 million Bit Digital Inc (NASDAQ:BTBT) shares changed hands as the company’s beta touched 0. With the company’s per share price at $3.04 changed hands at $0.3 or 10.95% during last session, the market valuation stood at $258.49M. BTBT’s last price was a discount, traded about -73.36% off its 52-week high of $5.27. The share price had its 52-week low at $0.97, which suggests the last value was 68.09% up since then. When we look at Bit Digital Inc’s average trading volume, we note the 10-day average is 6.43 million shares, with the 3-month average coming to 1.56.

Bit Digital Inc (NASDAQ:BTBT) trade information

Instantly BTBT was in green as seen at the end of in last trading. With action 18.75%, the performance over the past five days has been green. The jump to weekly highs of 3.06 added 10.95% to the stock’s daily price. The company’s shares are showing year-to-date downside of -28.13%, with the 5-day performance at 18.75% in the green. However, in the 30-day time frame, Bit Digital Inc (NASDAQ:BTBT) is -12.14% down. Looking at the short shares, we see there were 12.86 million shares sold at short interest cover period of 1.49 days.

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Bit Digital Inc (BTBT) estimates and forecasts

Data shows that the Bit Digital Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -15.08% over the past 6 months, a 84.33% in annual growth rate that is considerably higher than the industry average of 8.60%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -83.26%. The 2024 estimates are for Bit Digital Inc earnings to increase by 86.07%.

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

If we look at who the major shareholders are, we find that insiders hold 0.60% of Bit Digital Inc shares while 39.87% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 40.11%. There are 39.87% institutions holding the Bit Digital Inc stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 6.50% of the shares, roughly 5.36 million BTBT shares worth $21.76 million.

State Street Corporation holds the second largest percentage of outstanding shares, with 4.41% or 3.64 million shares worth $14.78 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Aug 30, 2023 were SPDR (R) Ser Tr-SPDR� Kensho New Economies Composite ETF and iShares Russell 2000 ETF. With 2.17 million shares estimated at $5.1 million under it, the former controlled 2.63% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 2.02% of the shares, roughly 1.66 million shares worth around $3.91 million.

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