Bit Digital Target of Unusually Large Options Trading (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) saw unusually large options trading activity on Tuesday. Traders purchased 38,654 call options on the company. This represents an increase of approximately 71% compared to the average daily volume of 22,665 call options.

Insider Transactions at Bit Digital

In related news, Director Brock Jeffrey Pierce bought 500,000 shares of the business’s stock in a transaction dated Wednesday, June 25th. The stock was bought at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the purchase, the director owned 500,000 shares in the company, valued at $1,000,000. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Samir Tabar bought 750,000 shares of the business’s 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 owned 2,108,089 shares in the company, valued at $4,216,178. The trade was a 55.22% increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.32% of the company’s stock.

Institutional Trading of Bit Digital

Institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new position in Bit Digital in the 2nd quarter valued at about $7,512,000. Vident Advisory LLC grew its holdings in Bit Digital by 56.2% during the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock worth $9,360,000 after acquiring an additional 1,149,727 shares during the last quarter. Millennium Management LLC lifted its position in shares of Bit Digital by 62.6% in the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after purchasing an additional 899,967 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Bit Digital by 14.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company’s stock worth $4,306,000 after purchasing an additional 273,480 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Bit Digital by 12.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company’s stock worth $3,971,000 after purchasing an additional 215,956 shares during the period. Institutional investors own 47.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Thursday, June 26th.

Bit Digital Stock Down 3.1%

NASDAQ BTBT opened at $2.84 on Thursday. The company has a market capitalization of $908.69 million, a P/E ratio of -6.04 and a beta of 5.25. Bit Digital has a 12-month low of $1.69 and a 12-month high of $5.74. The firm has a 50-day moving average price of $2.81 and a two-hundred day moving average price of $2.61.

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

Bit Digital Company Profile

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.