Bit Digital Inc. (BTBT) Price Target: Is It Set To Rise Or Fall In Price?

Bit Digital Inc. (NASDAQ:BTBT) finished Tuesday with an addition of $2.76 to close at $10.35, an upside of 36.36 percent. An average of 21,025,240 shares of common stock have been traded in the last five days. There was a gain of $1.57 in the past week. The last 20 days have seen an average of 8,426,275 shares traded, while the 50-day average volume stands at 20,932,240.

BTBT stock has decreased by -20.20% in the last month. The company shares reached their 1-month lowest point of $6.50 on 09/30/21. With the stock rallying to its 52-week high on 01/04/21, shares of the company touched a low of $3.40 and a high of $33.00 in 52 weeks. In spite of this, the price is down -68.64% from the 52-week high.


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Valuation Metrics

Bit Digital Inc. (BTBT) has a trailing price-to-earnings (P/E) ratio of 13.49, which compares with the 29.20 for the broader industry and 36.42 for the sector. This means investors are optimistic about the stock’s future prospects. In the last five years, Bit Digital Inc.’s PE ratio has ranged between 21.14 and 5.096. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 5.50, the price-to-book (PB) ratio at 4.91.

The quick ratio of Bit Digital Inc. for the recent quarter was 18.80, and the current ratio was 18.80, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.00 and a total debt to equity ratio of 0.00 for the recent quarter. Bit Digital Inc.’s EBITDA margin is 21.10%, while its operating margin for the same period stands at 31.10%. Its gross profit as reported stood at $6.96 million compared to revenue of $21.07 million.

For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Bit Digital Inc.’s return on assets was 59.40%, compared to -31.1% over the last five years. In the past year, the return on investment has been 2.90%, and the 5-year average is -34.1%. Meanwhile, the return on equity (ROE) for the past 12 months has been 61.70% and the 5-year average holds at -34.1%. For the broader industry, ROE averaged 3.34 over the past year.

Technical Picture

From a technical analysis perspective, let’s take a brief look at Bit Digital Inc. (BTBT) price momentum. RSI 9-day as of the close on 05 October was 58.76%, suggesting the stock is Neutral, with historical volatility in this time frame at 193.41%.

As of today, BTBT’s price is $8.23 +17.88% or $1.57 from its 5-day moving average. BTBT is currently trading -11.69% lower than its 20-day SMA and +8.95% higher than its 100-day SMA. However, the stock’s current price level is +16.69% above the SMA50 and +87.84% above the SMA200.

The stochastic %K and %D were 53.51% and 32.73%, respectively, and the average true range (ATR) was 1.17. With the 14-day stochastic at 97.96% and the average true range at 1.21, the RSI (14) stands at 53.65%. The stock has reached -0.02 on the 9-day MACD Oscillator while the 14-day reading was at -0.27.

Analyst Ratings

H.C. Wainwright launched coverage on Bit Digital Inc. (NASDAQ: BTBT) in its analyst report released on September 23, 2021. The firm assigned the stock a a Buy rating.The consensus rating for Bit Digital Inc. (BTBT) among analysts is Buy. According to current brokerage recommendations, 0 brokerage firms advise that investors sell BTBT, while 0 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 1 others rate it as a “buy”.

What is BTBT’s price target for the next 12 months?

Analysts predict a range of price targets between $14.00 and $14.00, with a median target of $14.00. Taking a look at these predictions, the average price target given by analysts for Bit Digital Inc. (BTBT) stock is $14.00.

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