BIT Mining (NYSE:BTCM) Trading Up 1% – Should You Buy?

BIT Mining Limited Sponsored ADR (NYSE:BTCM) shot up 1% on Thursday . The company traded as high as $1.01 and last traded at $0.99. 184,025 shares were traded during mid-day trading, a decline of 55% from the average session volume of 404,970 shares. The stock had previously closed at $0.98.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BIT Mining in a 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. According to data from MarketBeat, the company presently has an average rating of “Reduce”.

BIT Mining Trading Up 1.0%

The company has a 50 day simple moving average of $1.09 and a 200 day simple moving average of $2.06. The stock has a market capitalization of $16.18 million, a PE ratio of -1.01 and a beta of 3.34.

Hedge Funds Weigh In On BIT Mining

A hedge fund recently bought a new stake in BIT Mining stock. Two Sigma Investments LP acquired a new position in shares of BIT Mining Limited Sponsored ADR (NYSE:BTCM) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned about 0.35% of BIT Mining as of its most recent filing with the SEC. Institutional investors own 5.34% of the company’s stock.

About BIT Mining

Bit Mining Limited, listed on the New York Stock Exchange under the ticker BTCM, is a Cayman Islands–registered blockchain technology company focused on the mining of digital assets. The company maintains self-operated mining farms as well as hosting services for third-party miners, leveraging locations in Sichuan Province, China, and Kazakhstan to capitalize on low-cost power resources. Its operations are supported by proprietary mining pools, including CryptoSTAGE, dedicated to optimizing hash-rate efficiency.

Bit Mining designs, manufactures and markets cryptocurrency mining machines, offering both high-performance hardware and comprehensive after-sales support.