BIT Mining (NYSE:BTCM) Trading Up 5% – Time to Buy?

BIT Mining Limited Sponsored ADR (NYSE:BTCM) shares traded up 5% on Friday . The stock traded as high as $1.48 and last traded at $1.46. 78,142 shares traded hands during trading, a decline of 81% from the average session volume of 404,970 shares. The stock had previously closed at $1.39.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wall Street Zen upgraded BIT Mining to a “hold” rating in a report on Saturday, August 9th. Weiss Ratings restated a “sell (d-)” rating on shares of BIT Mining in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, BIT Mining has a consensus rating of “Reduce”.

BIT Mining Stock Performance

The company has a market cap of $23.86 million, a PE ratio of -1.49 and a beta of 3.34. The firm’s 50 day moving average is $2.27 and its 200-day moving average is $2.52.

Hedge Funds Weigh In On BIT Mining

An institutional investor recently bought a new position in BIT Mining stock. Two Sigma Investments LP bought a new stake in BIT Mining Limited Sponsored ADR (NYSE:BTCM) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned approximately 0.35% of BIT Mining as of its most recent SEC filing. 5.34% of the stock is owned by hedge funds and other institutional investors.

About BIT Mining

BIT Mining Limited operates as a cryptocurrency mining company in the Mainland China, the United States, and Hong Kong. The company operates in two segments: Data Center and Cryptocurrency Mining. It operates a cryptocurrency mining data center in Ohio with power capacity of 82.5 megawatts; and purchases and deploys bitcoin mining machines.