Why Do Investors Buy Stock In Bit Digital Inc. (BTBT)?

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Bit Digital Inc. (NASDAQ:BTBT) has a beta value of 7.33 and has seen 1.77 million shares traded in the last trading session. The company, currently valued at $383.52M, closed the last trade at $5.29 per share which meant it lost -$0.31 on the day or -5.54% during that session. The BTBT stock price is -479.96% off its 52-week high price of $30.68 and 24.95% above the 52-week low of $3.97. The 3-month trading volume is 5.67 million shares.

The consensus among analysts is that Bit Digital Inc. (BTBT) is a Buy stock at the moment, with a recommendation rating of 2.00. 0 analysts rate the stock as a Sell, while 0 rate it as Overweight. 0 out of 1 have rated it as a Hold, with 1 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $0.24.

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Sporting -5.54% in the red in last session, the stock has traded in the red over the last five days, with the highest price hit on Friday, 01/07/22 when the BTBT stock price touched $5.29 or saw a rise of 16.95%. Year-to-date, Bit Digital Inc. shares have moved -12.99%, while the 5-day performance has seen it change -12.99%. Over the past 30 days, the shares of Bit Digital Inc. (NASDAQ:BTBT) have changed -34.93%.

Wall Street analysts have a consensus price target for the stock at $14.00, which means that the shares’ value could jump 62.21% from current levels. The projected low price target is $14.00 while the price target rests at a high of $14.00. In that case, then, we find that the current price level is -164.65% off the targeted high while a plunge would see the stock gain -164.65% from current levels.

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 lost -0.56% over the past 6 months, with this year growth rate of 1,685.71%, compared to 11.10% for the industry.

1 analysts offering their estimates for the company have set an average revenue estimate of $29.8 million for the current quarter.

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 60.40% over the past 5 years.

BTBT Dividends

Bit Digital Inc. is expected to release its next earnings report on December 23 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 16.37% of the company shares, while shares held by institutions stand at 25.73% with a share float percentage of 30.76%. Investors are also buoyed by the number of investors in a company, with Bit Digital Inc. having a total of 77 institutions that hold shares in the company. The top two institutional holders are Sabby Management, LLC with over 4.22 million shares worth more than $30.48 million. As of Sep 29, 2021, Sabby Management, LLC held 7.67% of shares outstanding.

The other major institutional holder is Armistice Capital, LLC, with the holding of over 4.22 million shares as of Sep 29, 2021. The firm’s total holdings are worth over $30.48 million and represent 7.67% of shares outstanding.

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Also the top two Mutual Funds that are holding company’s shares are SPDR (R) Ser Tr-SPDR� Kensho New Economies Composite ETF and Global X Fds-Global X FinTech Thematic ETF. As of Sep 29, 2021, the former fund manager holds about 1.51% shares in the company for having 0.83 million shares of worth $5.99 million while later fund manager owns 0.56 million shares of worth $7.94 million as of Oct 30, 2021, which makes it owner of about 1.01% of company’s outstanding stock.