BIT Mining (NYSE:BTCM) Trading Up 1% – Still a Buy?

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated 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 data from MarketBeat.com, BIT Mining presently has an average rating of “Reduce”.

BIT Mining Trading Up 1.0%

The firm has a market cap of $16.18 million, a P/E ratio of -1.01 and a beta of 3.34. The business’s 50-day moving average is $1.09 and its two-hundred day moving average is $2.06.

Institutional Trading of BIT Mining

An institutional investor recently bought a new position in BIT Mining stock. Two Sigma Investments LP acquired a new stake 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 Securities and Exchange Commission. The fund acquired 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned 0.35% of BIT Mining at the end of the most recent reporting period. Institutional investors and hedge funds own 5.34% of the company’s stock.

BIT Mining Company Profile

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.