The share price of Bit Digital Inc. (NASDAQ:BTBT) rose to $1.18 per share on Friday from $1.09. While Bit Digital Inc. has overperformed by 8.26%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, BTBT fell by -80.23%, with highs and lows ranging from $6.15 to $0.53, whereas the simple moving average fell by -20.72% in the last 200 days.
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On September 23, 2021, H.C. Wainwright started tracking Bit Digital Inc. (NASDAQ: BTBT) recommending Buy.
Analysis of Bit Digital Inc. (BTBT)
Further, the quarter-over-quarter decrease in sales is -12.50%, showing a negative trend in the upcoming months.
To gain a thorough understanding of Bit Digital Inc.’s future performance, several well-rounded types of analysis and research techniques can be used, with equity being among the most crucial. The goal here is to ensure that your current return on equity of -33.20% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 19.80, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
It is also very valuable to look at average volume as an indicator of volatility for a stock, and BTBT is recording an average volume of 1.20M. On a monthly basis, the volatility of the stock is set at 14.24%, whereas on a weekly basis, it is put at 22.58%, with a gain of 61.20% over the past seven days. Furthermore, long-term investors anticipate a median target price of $2.00, showing growth from the present price of $1.18, which can serve as yet another indication of whether BTBT is worth investing in or should be passed over.
How Do You Analyze Bit Digital Inc. Shares?
The number of employees owning shares of the company should also be considered in addition to the fundamentals. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.78%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 8.30% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in BTBT shares?
The recent increase in stakes in BTBT appears to be a result of several institutional investors and hedge funds increasing their positions. Sabby Management LLC’s position in BTBT has decreased by -24.88% in the first quarter. The company now owns 3,166,917 shares of the stock, with a value of $1.9 million, following the sale of -1,048,935 additional shares during the last quarter. Van Eck Associates Corp. made another increased to its shares in BTBT during the first quarter, upping its stake by 48.09%. During the last quarter, the company dropped down 254,800 additional shares for a total stake of worth $0.47 million, bringing number of shares owned by the company to 784,643.
During the first quarter, Exchange Traded Concepts LLC subtracted a -957,091 position in BTBT. Global X Management Co. LLC sold an additional -0.33 million shares in the last quarter, decreasing its holdings by -33.57%, now holding 0.66 million shares worth $0.4 million. At the end of the first quarter, Vident Investment Advisory LLC increased its BTBT holdings by 74.01% and now holds 0.64 million BTBT shares valued at $0.38 million with the added 0.27 million shares during the period. BTBT shares are owned by institutional investors to the tune of 8.30% at present.
