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

Bit Digital, Inc. (NASDAQ:BTBT) saw unusually large options trading activity on Wednesday. Traders acquired 22,596 call options on the company. This is an increase of 58% compared to the typical daily volume of 14,317 call options.

Bit Digital Stock Up 18.4 %

Shares of NASDAQ BTBT traded up $0.69 during trading hours on Wednesday, reaching $4.43. 31,017,718 shares of the stock traded hands, compared to its average volume of 10,375,628. The company’s 50-day simple moving average is $3.80 and its two-hundred day simple moving average is $3.33. Bit Digital has a 52-week low of $1.76 and a 52-week high of $5.74. The company has a market capitalization of $350.55 million, a P/E ratio of 73.83 and a beta of 4.79.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on BTBT shares. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Tuesday, November 19th. B. Riley initiated coverage on shares of Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 target price on the stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC purchased a new position in Bit Digital in the 2nd quarter valued at $2,126,000. Millennium Management LLC increased its stake in Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after buying an additional 1,033,767 shares during the period. Segall Bryant & Hamill LLC purchased a new position in Bit Digital in the third quarter valued at about $1,222,000. The Manufacturers Life Insurance Company lifted its position in shares of Bit Digital by 42.4% in the second quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company’s stock valued at $141,000 after acquiring an additional 13,170 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Bit Digital in the second quarter valued at approximately $910,000. 47.70% of the stock is owned by hedge funds and other 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.