Bit Digital Inc (BTBT) Suffers From Weak Fundamental Momentum

Bit Digital Inc (NASDAQ:BTBT) has seen 2.56 million shares traded in the recent trading session. The company, currently valued at $282.90M, closed the recent trade at $2.39 per share which meant it lost -$0.02 on the day or -0.62% during that session. The BTBT stock price is -120.5% off its 52-week high price of $5.27 and 40.17% above the 52-week low of $1.43. If we look at the company’s 10-day average daily trading volume, we find that it stood at 7.68 million shares traded. The 3-month trading volume is 8.20 million shares.

Bit Digital Inc (NASDAQ:BTBT) trade information

Sporting -0.62% in the red today, the stock has traded in the red over the last five days, when the BTBT stock price touched $2.39 or saw a rise of 8.08%. Year-to-date, Bit Digital Inc shares have moved -43.38%, while the 5-day performance has seen it change -13.22%. Over the past 30 days, the shares of Bit Digital Inc (NASDAQ:BTBT) have changed 2.79%. Short interest in the company has seen 15.91 million shares shorted with days to cover at 1.77.

Bit Digital Inc (BTBT) estimates and forecasts

Figures show that Bit Digital Inc shares have outperformed across the wider relevant industry. The company’s shares have gained 15.14% over the past 6 months, with this year growth rate of 112.50%, compared to 16.40% for the industry. Other than that, the company has, however, increased its growth outlook for the 2024 fiscal year revenue. Growth estimates for the current quarter are 133.30% and 166.70% for the next quarter. Revenue growth from the last financial year stood is estimated to be 142.20%.

4 analysts offering their estimates for the company have set an average revenue estimate of $27.73 million for the current quarter. 4 have an estimated revenue figure of $28.71 million for the next quarter concluding in Jun 2024. Year-ago sales stood $7.75 million and $9.04 million respectively for this quarter and the next, and analysts expect sales will grow by 257.80% for the current quarter and 217.70% for the next.

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 7.79% over the past 5 years.

BTBT Dividends

Bit Digital Inc is expected to release its next earnings report between June 10 and June 14 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 0.51% of the company shares, while shares held by institutions stand at 42.95% with a share float percentage of 43.17%. Investors are also buoyed by the number of investors in a company, with Bit Digital Inc having a total of 153 institutions that hold shares in the company. The top two institutional holders are Blackrock Inc. with over 5.36 million shares worth more than $21.76 million. As of Jun 29, 2023, Blackrock Inc. held 6.50% of shares outstanding.

The other major institutional holder is State Street Corporation, with the holding of over 3.64 million shares as of Jun 29, 2023. The firm’s total holdings are worth over $14.78 million and represent 4.41% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are SPDR (R) Ser Tr-SPDRï¿½ Kensho New Economies Composite ETF and iShares Russell 2000 ETF. As of Aug 30, 2023, the former fund manager holds about 2.63% shares in the company for having 2.17 million shares of worth $5.1 million while later fund manager owns 1.66 million shares of worth $3.91 million as of Aug 30, 2023, which makes it owner of about 2.02% of company’s outstanding stock.