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

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of some unusual options trading activity on Thursday. Investors purchased 19,492 call options on the company. This is an increase of approximately 236% compared to the average daily volume of 5,797 call options.

Insider Activity at Bit Digital

In related news, CEO Samir Tabar bought 750,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 2,108,089 shares of the company’s stock, valued at $4,216,178. This represents a 55.22% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Brock Jeffrey Pierce bought 500,000 shares of the firm’s stock in a transaction on Wednesday, June 25th. The stock was bought at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the transaction, the director now directly owns 500,000 shares of the company’s stock, valued at $1,000,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.32% of the stock is currently owned by insiders.

Institutional Trading of Bit Digital

Several hedge funds have recently added to or reduced their stakes in BTBT. ProShare Advisors LLC increased its stake in Bit Digital by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 33,753 shares of the company’s stock valued at $99,000 after purchasing an additional 11,107 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Bit Digital in the fourth quarter valued at approximately $46,000. Tower Research Capital LLC TRC increased its stake in Bit Digital by 90.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company’s stock valued at $46,000 after purchasing an additional 7,395 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Bit Digital in the fourth quarter valued at approximately $378,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Bit Digital in the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Thursday.

Bit Digital Stock Performance

Shares of BTBT opened at $2.01 on Friday. The stock has a market capitalization of $419.15 million, a PE ratio of -4.28 and a beta of 5.36. Bit Digital has a 1 year low of $1.69 and a 1 year high of $5.74. The company’s 50-day simple moving average is $2.30 and its 200-day simple moving average is $2.66.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $25.11 million for the quarter, compared to analysts’ expectations of $26.38 million. Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. On average, sell-side analysts predict that Bit Digital will post -0.2 earnings per share 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.