Bit Digital Inc. (BTBT) looking to reclaim success with recent performance

Bit Digital Inc. (NASDAQ: BTBT) stock jumped 12.70% on Monday to $1.42 against a previous-day closing price of $1.26. With 4.67 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.6 million shares. During the session, the Capital Markets company that operates in wider Financial sector, reached to the highest price of $1.4327 whereas the lowest price it dropped to was $1.2600. The 52-week range on BTBT shows that it touched its highest point at $5.35 and its lowest point at $0.53 during that stretch. It currently has a 1-year price target of $2.00. Beta for the stock currently stands at 5.38.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of BTBT was up-trending over the past week, with a rise of 20.34%, but this was up by 150.00% over a month. Three-month performance surged to 44.05% while six-month performance fell -22.40%. The stock lost -72.32% in the past year, while it has gained 136.67% so far this year. A look at the trailing 12-month EPS for BTBT yields -0.68 with Next year EPS estimates of -0.48. For the next quarter, that number is -0.13. This implies an EPS growth rate of 34.40% for this year and 29.40% for next year.

Float and Shares Shorts:

At present, 83.33 million BTBT shares are outstanding with a float of 75.50 million shares on hand for trading. On Oct 13, 2022, short shares totaled 4.85 million, which was 5.89% higher than short shares on Sep 14, 2022. In addition to Mr. Bryan Bullett as the firm’s Chief Exec. Officer, Mr. Erke Huang serves as its CFO & Director.

Institutional Ownership:

Through their ownership of 15.51% of BTBT’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 8.25% of BTBT, in contrast to 4.11% held by mutual funds. Shares owned by individuals account for –. As the largest shareholder in BTBT with 3.84% of the stake, Sabby Management LLC holds 3,166,917 shares worth 3,166,917. A second-largest stockholder of BTBT, Exchange Traded Concepts LLC, holds 1,204,566 shares, controlling over 1.46% of the firm’s shares. Van Eck Associates Corp. is the third largest shareholder in BTBT, holding 784,643 shares or 0.95% stake. With a 2.22% stake in BTBT, the Global X Blockchain ETF is the largest stakeholder. A total of 1,829,704 shares are owned by the mutual fund manager. The Bitwise Crypto Industry Innovator, which owns about 1.46% of BTBT stock, is the second-largest Mutual Fund holder. It holds 1,204,566 shares valued at 0.72 million. VanEck Digital Transformation ETF holds 1.22% of the stake in BTBT, owning 1,004,381 shares worth 0.6 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for BTBT since 1 analysts follow the stock currently. There are 1 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With BTBT analysts setting a high price target of $2.00 and a low target of $2.00, the average target price over the next 12 months is $2.00. Based on these targets, BTBT could surge 40.85% to reach the target high and rise by 40.85% to reach the target low. Reaching the average price target will result in a growth of 40.85% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. BTBT will report FY 2022 earnings on 02/28/2024. Analysts have provided yearly estimates in a range of -$0.68 being high and -$0.68 being low. For BTBT, this leads to a yearly average estimate of -$0.68. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Bit Digital Inc. surprised analysts by $0.01 when it reported -$0.05 EPS against a consensus estimate of -$0.06. The surprise factor in the prior quarter was -$0.01. Based on analyst estimates, the high estimate for the next quarter is -$0.13 and the low estimate is -$0.13. The average estimate for the next quarter is thus -$0.13.

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