The stock of Bit Digital Inc. (NASDAQ:BTBT) increased by $0.04 on Tuesday to finish at $2.36, up 1.72 percent. The last five days have seen an average of 2,653,500 shares of common stock traded. 32 times new highs were reached in the current year, with a gain of $1.76. The average number of shares traded over the last 20 days was 3,033,670, while the average volume over the last 50 days totaled 3,854,198.
BTBT stock dropped -10.27% since last month. On 09/11/23, the company’s shares reached a one-month low of $2.06. The stock touched a high of $4.80 on 06/29/23, after rallying from a low of $0.53 in 52 weeks. The price of BTBT stock has risen by 293.33% or $1.76 this year, reaching a new high 32 times. Still, the stock price is down -50.78% from the 52-week high.
Financial Health
For the three months ended June 29, Bit Digital Inc.’s quick ratio was 10.30, while its current ratio was 10.30, indicating its ability to pay off its debt. As far as profitability goes, gross margin for the trailing twelve months is 31.70% percent. Based on annual data, it had gross profit of $11.92 million and revenue of $32.3 million.
Investors will also look at the performance of the company’s management in order to determine the potential profitability of their investment. BTBT’s return on assets (ROA) during the last 12 months has been -71.40%. There was a -131.90% return on investment (ROI) in the past year. In the meantime, the return on equity (ROE) for the last 12 months was -83.60%.
Earnings Surprise
According to Bit Digital Inc.’s quarterly financial report for the quarter that ended June 29. A higher net income was reported in the quarter under review than the previous quarter. Net income for the quarter came in at $32.3 million, while revenues fell by -197.46% to $0.0. It was predicted that Bit Digital Inc.’s quarterly earnings would be -$0.03, but it ended up being -$0.09, beating the consensus by 66.70%. EBITDA was $1.08 million for the quarter.
Technical Picture
Here’s a quick look at Bit Digital Inc.’s (BTBT) price momentum from a technical perspective. As of 19 September, the RSI 9-day stood at 47.87%, suggesting the stock is Neutral, with a 64.52% historical volatility rate.
The stochastic %K and %D were 41.56% and 35.74% respectively, while the average true range (ATR) was 0.20. Based on the 14-day stochastic reading of 50.85%, the RSI (14) reading is 42.08%. On the 9-day MACD Oscillator, the stock is at 0.09, and the 14-day reading is at 0.05.
Analyst Ratings
In its analyst report released on September 23, 2021, H.C. Wainwright began covering Bit Digital Inc. (NASDAQ: BTBT). The stock was rated as a Buy by the brokerage firm. Analysts have assigned Bit Digital Inc. (BTBT) an Buy rating. BTBT is a stock that is recommended for selling by 0 brokerage firms, while 0 companies recommend holding. The stock is underweighted by 0 analysts. Among the analysts who rate the stock, 0 rates it overweight and 3 others recommend it as a buy.
What is BTBT’s price target for the next 12 months?
The current consensus forecast for the stock is between $3.90 and $4.50, with a median target price of $4.00. In analyzing these forecasts, the average price target given by analysts for Bit Digital Inc. (BTBT) is $4.13.
