As of Thursday close, Bit Digital Inc.’s (NASDAQ:BTBT) stock was down -$0.2, moving down -4.83 percent to $3.94. The average number of shares traded per day over the past five days has been 5,805,820 shares. 2 times new highs have been achieved over the past 5 days, with a -$0.03 fall in that time frame. In the last twenty days, the average volume was 5,589,745, while in the previous 50 days, it was 5,887,720.
Since last month, BTBT stock retreated -11.46%. Shares of the company fell to $3.62 on 07/24/23, the lowest level in the past month. A 52-week high of $4.80 was reached on 06/29/23 after having rallying from a 52-week low of $0.53. Since the beginning of this year, BTBT’s stock price has risen by 556.67% or $3.34, and marked a new high 32 times. However, the stock has declined by -17.83% since its 52-week high.
Financial Health
In the three months ended March 30, Bit Digital Inc.’s quick ratio stood at 27.90, while its current ratio was 27.90, showing that the company is able to pay off its debt. On the profitability front, the trailing twelve-month gross margin is 33.50% percent. Based on annual data, BTBT earned $11.92 million in gross profit and brought in $32.3 million in revenue.
A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was -131.90%. Return on equity (ROE) for the past 12 months was -82.70%.
In Bit Digital Inc.’s quarter-end financial report for March 30, it reported total debt of $3.04 million against cash and short-term investments of $1.79 million. According to the earnings report, the company had a higher net income in the recent quarter than it did in the previous quarter. BTBT’s revenue fell -197.46% during the quarter, while net income inched up to $32.3 million. While analysts expected Bit Digital Inc. to report -$0.13 quarterly earnings, the actual figure was -$0.03 per share, beating the consensus estimate by 76.90%. During the quarter, the company generated $0.59 million in EBITDA. The liabilities of Bit Digital Inc. were 5.18 million at the end of its most recent quarter ended March 30.
Technical Picture
This quick technical analysis looks at Bit Digital Inc.’s (BTBT) price momentum. With a historical volatility rate of 68.59%, the RSI 9-day stood at 44.80% on 03 August.
With respect to its five-day moving average, the current Bit Digital Inc. price is down by -0.76% percent or -$0.03. At present, BTBT shares trade -5.29% below its 20-day simple moving average and +294.00% percent above its 100-day simple moving average. However, the stock is currently trading approximately +54.51% above its SMA50 and +282.52% above its SMA200.
Stochastic coefficient K was 56.14% and Stochastic coefficient D was 67.35%, while ATR was 0.32. Given the Stochastic reading of 36.78% for the 14-day period, the RSI (14) reading has been calculated as 49.00%. As of today, the MACD Oscillator reading stands at 0.08, while the 14-day reading stands at 0.10.
Analyst Ratings
H.C. Wainwright launched its rating on Bit Digital Inc. (NASDAQ: BTBT) to a Buy in a note to investors on September 23, 2021. Bit Digital Inc. (BTBT) has been rated Buy by analysts. According to 0 brokerage firms, BTBT is a sell, and 0 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 0 analysts rate Bit Digital Inc. stock as buy, with 3 recommending it as overweight.
With a median target price of $4.50, the current consensus forecast for the stock is $4.00 – $5.20. Based on these forecasts, analysts predict Bit Digital Inc. (BTBT) will achieve an average price target of $4.57.
