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

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of unusually large options trading activity on Thursday. Traders acquired 19,492 call options on the stock. This represents an increase of approximately 236% compared to the typical volume of 5,797 call options.

Insider Buying and Selling

In other Bit Digital news, CEO Samir Tabar bought 750,000 shares of Bit Digital stock in a transaction dated Wednesday, June 25th. The shares were bought at an average price of $2.00 per share, with a total value of $1,500,000.00. Following the purchase, the chief executive officer now owns 2,108,089 shares of the company’s stock, valued at $4,216,178. This trade represents a 55.22% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BTBT. OLD Mission Capital LLC bought a new position in Bit Digital in the 4th quarter valued at approximately $31,000. Cibc World Markets Corp acquired a new position in Bit Digital in the 4th quarter valued at approximately $33,000. Cerity Partners LLC acquired a new position in Bit Digital in the 1st quarter valued at approximately $25,000. Wedbush Securities Inc. bought a new position in shares of Bit Digital during the fourth quarter valued at $37,000. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of Bit Digital during the fourth quarter worth $38,000. Institutional investors own 47.70% of the company’s stock.

Bit Digital Price Performance

Bit Digital stock opened at $1.99 on Friday. The company’s 50-day moving average is $2.29 and its 200-day moving average is $2.67. The firm has a market capitalization of $414.97 million, a PE ratio of -4.23 and a beta of 5.36. Bit Digital has a fifty-two week low of $1.69 and a fifty-two week high of $5.74.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The company had revenue of $25.11 million during the quarter, compared to analysts’ expectations of $26.38 million. Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. As a group, analysts expect that Bit Digital will post -0.2 EPS for the current year.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research note on Thursday.

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.