Stock Traders Purchase High Volume of Bit Digital Call Options (NASDAQ:BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) saw unusually large options trading activity on Wednesday. Traders bought 22,596 call options on the stock. This represents an increase of approximately 58% compared to the average daily volume of 14,317 call options.

Analyst Upgrades and Downgrades

BTBT has been the subject of several analyst reports. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley initiated coverage on shares of Bit Digital in a research report on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective for the company.

Institutional Trading of Bit Digital

Several institutional investors have recently modified their holdings of the stock. State Street Corp lifted its position in shares of Bit Digital by 1.7% during the 3rd quarter. State Street Corp now owns 5,597,517 shares of the company’s stock worth $19,647,000 after buying an additional 94,762 shares during the last quarter. Van ECK Associates Corp raised its position in Bit Digital by 25.2% in the 3rd quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock valued at $17,259,000 after purchasing an additional 898,329 shares during the last quarter. Millennium Management LLC raised its position in Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after purchasing an additional 1,033,767 shares during the last quarter. Geode Capital Management LLC raised its position in Bit Digital by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock valued at $8,512,000 after purchasing an additional 42,375 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Bit Digital by 192.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after purchasing an additional 530,411 shares during the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Trading Up 18.4 %

Shares of NASDAQ:BTBT opened at $4.43 on Thursday. The company has a market capitalization of $350.55 million, a PE ratio of 73.83 and a beta of 4.79. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.74. The firm has a 50 day simple moving average of $3.80 and a 200-day simple moving average of $3.33.

Bit Digital Company Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.