Stock Traders Buy Large Volume of Bit Digital Call Options (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of unusually large options trading on Monday. Stock investors acquired 16,538 call options on the stock. This represents an increase of 50% compared to the average volume of 11,001 call options.

Bit Digital Stock Performance

NASDAQ BTBT opened at $5.42 on Tuesday. The company’s 50-day moving average price is $3.46 and its 200-day moving average price is $3.16. Bit Digital has a 12 month low of $1.76 and a 12 month high of $5.51.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Monday, August 19th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. The firm had revenue of $28.95 million for the quarter, compared to analysts’ expectations of $26.63 million. As a group, equities research analysts expect that Bit Digital will post -0.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BTBT has been the topic of a number of research analyst reports. B. Riley initiated coverage on shares of Bit Digital in a report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target on the stock. HC Wainwright upped their price target on shares of Bit Digital from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTBT. Bleakley Financial Group LLC bought a new position in Bit Digital during the 1st quarter worth about $33,000. Crescent Grove Advisors LLC bought a new position in Bit Digital during the 3rd quarter worth about $35,000. Creative Planning bought a new position in Bit Digital during the 3rd quarter worth about $37,000. Thoroughbred Financial Services LLC bought a new position in Bit Digital during the 2nd quarter worth about $38,000. Finally, Victory Capital Management Inc. grew its holdings in Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after acquiring an additional 4,380 shares in the last quarter. 47.70% of the stock is currently owned by institutional investors.

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.