Why Bit Digital Inc (BTBT) Stock Could See Much Higher Prices Ahead

Bit Digital Inc (NASDAQ: BTBT) is -24.82% lower on its value in year-to-date trading and has touched a low of $1.76 and a high of $5.27 in the current 52-week trading range. The question becomes, what are the chances the stock will make a comeback and enjoy potential growth. Why not look at analysts view on what the future holds for the stock. The BTBT stock was last observed hovering at around $3.37 in the last trading session, with the day’s loss setting it -0.19%.

Currently trading at $3.18, the stock is 0.57% and -0.03% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 8.46 million and changing -5.64% at the moment leaves the stock 9.57% off its SMA200. BTBT registered 52.88% gain for a year compared to 6-month gain of 34.75%. The firm has a 50-day simple moving average (SMA 50) of $3.1809 and a 200-day simple moving average (SMA200) of $2.902175.

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The stock witnessed a 28.74% loss in the last 1 month and extending the period to 3 months gives it a -9.40%, and is -9.40% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 8.76% over the week and 8.27% over the month.

Bit Digital Inc (BTBT) has around 24 employees, a market worth around $469.97M and $86.85M in sales. Current P/E ratio is 13.23 and Fwd P/E is 14.03. Profit margin for the company is 33.30%. Distance from 52-week low is 80.68% and -39.66% from its 52-week high. The company has generated returns on investments over the last 12 months (9.69%).

with sales reaching $30.8M over the same period.The EPS is expected to grow by 181.25% this year, but quarterly earnings will post 187.10% year-over-year. Quarterly sales are estimated to grow 166.40% in year-over-year returns.

Bit Digital Inc (BTBT) Top Institutional Holders

The shares outstanding are 147.79M, and float is at 146.99M with Short Float at 16.27%.

The top institutional shareholder in the company is BLACKROCK INC. with over 11.07 million shares valued at $35.2 million. The investor’s holdings represent 9.6597% of the BTBT Shares outstanding. As of 2024-06-30, the second largest holder is INVESCO LTD. with 9.51 million shares valued at $30.25 million to account for 8.3001 of the shares outstanding. The other top investors are STATE STREET CORP which holds 5.5 million shares representing 4.8019% and valued at over $17.5 million, while VAN ECK ASSOCIATES CORP holds 3.1078 of the shares totaling 3.56 million with a market value of $11.32 million.