Bit Digital Inc. (NASDAQ:BTBT) finished Thursday with a subtraction of -$0.09 to close at $3.58, a downside of -2.45 percent. An average of 2,802,540 shares of common stock have been traded in the last five days. There was a fall of -$0.36 in the past week, and it reached a new high 19 times over the past 12 months. The last 20 days have seen an average of 4,399,665 shares traded, while the 50-day average volume stands at 5,791,118.
BTBT stock has decreased by -7.73% in the last month. The company shares reached their 1-month lowest point of $3.38 on 08/07/23. With the stock rallying to its 52-week high on 06/29/23, shares of the company touched a low of $0.53 and a high of $4.80 in 52 weeks. It has reached a new high 32 times so far this year and achieved 496.67% or $2.98 in price. In spite of this, the price is down -25.34% from the 52-week high.
Valuation Metrics
Bit Digital Inc. (BTBT) has a trailing price-to-sales (P/S) ratio at 9.68, the price-to-book (PB) ratio at 3.81.
Financial Health
The quick ratio of Bit Digital Inc. for the three months ended March 30 was 27.90, and the current ratio was 27.90, 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 quarter ending March 30. Bit Digital Inc.’s EBITDA margin for the year ending March 30 is -34.66%. Its gross profit as reported stood at $11.92 million compared to revenue of $32.3 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 -72.60%.
Earnings Surprise
For the three-month period that ended March 30, Bit Digital Inc. had $1.79 million in cash and short-term investments compared to $3.04 million in total debt. In the quarter under review, the net income was up than the previous quarter. The company posted a net income of -$105.3 million in the quarter, while revenues were grew 104.62%. The analyst consensus anticipated Bit Digital Inc.’s latest quarter earnings to come in at -$0.13 per share, but it turned out to be -$0.03, a 76.90% surprise. For the quarter, EBITDA amounted to $0.59 million. At the end of the quarter ending March 30, Bit Digital Inc.’s stock balance sheet showed total liabilities of 5.18 million.
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 10 August was 36.99%, suggesting the stock is Neutral, with historical volatility in this time frame at 59.17%.
As of today, BTBT’s price is $3.70 -9.14% or -$0.36 from its 5-day moving average. BTBT is currently trading -18.82% lower than its 20-day SMA and +181.89% higher than its 100-day SMA. However, the stock’s current price level is +9.48% above the SMA50 and +240.95% above the SMA200.
The stochastic %K and %D were 28.53% and 28.82%, respectively, and the average true range (ATR) was 0.30. With the 14-day stochastic at 18.02% and the average true range at 0.31, the RSI (14) stands at 42.60%. The stock has reached -0.24 on the 9-day MACD Oscillator while the 14-day reading was at -0.24.
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 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 3 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 $4.00 and $5.20, with a median target of $4.50. Taking a look at these predictions, the average price target given by analysts for Bit Digital Inc. (BTBT) stock is $4.57.
