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

Bit Digital Inc (NASDAQ: BTBT) is -20.80% lower on its value in year-to-date trading and has touched a low of $1.76 and a high of $5.74 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 $3.39 in the last trading session, with the day’s loss setting it -0.04%.

Currently trading at $3.35, the stock is -21.46% and -19.13% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 19.63 million and changing -1.18% at the moment leaves the stock 5.57% off its SMA200. BTBT registered 1.21% gain for a year compared to 6-month gain of 37.86%. The firm has a 50-day simple moving average (SMA 50) of $4.1424 and a 200-day simple moving average (SMA200) of $3.173325.

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The stock witnessed a -17.28% loss in the last 1 month and extending the period to 3 months gives it a -2.62%, and is -18.29% 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 12.36% over the week and 12.07% over the month.

Bit Digital Inc (BTBT) has around 24 employees, a market worth around $508.19M and $98.00M in sales. Current P/E ratio is 54.21 and Fwd P/E is 26.10. Profit margin for the company is -2.75%. Distance from 52-week low is 90.34% and -41.64% from its 52-week high. The company has generated returns on investments over the last 12 months (-0.84%).

with sales reaching $24.75M over the same period.The EPS is expected to shrink by -76.39% this year, but quarterly earnings will post 137.55% year-over-year. Quarterly sales are estimated to grow 54.17% in year-over-year returns.

Bit Digital Inc (BTBT) Top Institutional Holders

The shares outstanding are 153.51M, and float is at 152.77M with Short Float at 18.66%.

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.