Bit Digital Inc (NASDAQ: BTBT)’s stock price has dropped by -0.75 in relation to previous closing price of 3.99. Nevertheless, the company has seen a loss of -7.26% in its stock price over the last five trading days. zacks.com reported 2024-11-21 that When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock’s price, but are they really important?
Is It Worth Investing in Bit Digital Inc (NASDAQ: BTBT) Right Now?
Bit Digital Inc (NASDAQ: BTBT) has a higher price-to-earnings ratio of 64.08x compared to its average ratio, Analysts have varying views on the stock, with 3 analysts rating it as a “buy,” 1 rating it as “overweight,” 0 as “hold,” and 0 as “sell.”
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The public float for BTBT is 147.05M, and currently, shorts hold a 17.47% of that float. The average trading volume for BTBT on November 22, 2024 was 12.51M shares.
BTBT’s Market Performance
The stock of Bit Digital Inc (BTBT) has seen a -7.26% decrease in the past week, with a -1.00% drop in the past month, and a 7.03% gain in the past quarter. The volatility ratio for the week is 12.00%, and the volatility levels for the past 30 days are at 10.22% for BTBT. The simple moving average for the past 20 days is -5.73% for BTBT’s stock, with a 30.45% simple moving average for the past 200 days.
Analysts’ Opinion of BTBT
Many brokerage firms have already submitted their reports for BTBT stocks, with B. Riley Securities repeating the rating for BTBT by listing it as a “Buy.” The predicted price for BTBT in the upcoming period, according to B. Riley Securities is $6 based on the research report published on October 24, 2024 of the current year 2024.
Northland Capital, on the other hand, stated in their research note that they expect to see BTBT reach a price target of $6. The rating they have provided for BTBT stocks is “Outperform” according to the report published on February 13th, 2024.
H.C. Wainwright gave a rating of “Buy” to BTBT, setting the target price at $14 in the report published on September 23rd of the previous year.
BTBT Trading at 5.71% from the 50-Day Moving Average
After a stumble in the market that brought BTBT to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -31.01% of loss for the given period.
Volatility was left at 10.22%, however, over the last 30 days, the volatility rate increased by 12.00%, as shares surge +1.65% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +39.20% upper at present.
During the last 5 trading sessions, BTBT fell by -6.44%, which changed the moving average for the period of 200-days by +45.80% in comparison to the 20-day moving average, which settled at $4.20. In addition, Bit Digital Inc saw -6.38% in overturn over a single year, with a tendency to cut further losses.
Stock Fundamentals for BTBT
Current profitability levels for the company are sitting at:
- -0.58 for the present operating margin
- 0.32 for the gross margin
The net margin for Bit Digital Inc stands at -0.03. The total capital return value is set at -0.17. Equity return is now at value -1.29, with -1.11 for asset returns.
Currently, EBITDA for the company is -12.31 million with net debt to EBITDA at -1.68. When we switch over and look at the enterprise to sales, we see a ratio of 5.33. The receivables turnover for the company is 8.16for trailing twelve months and the total asset turnover is 0.26. The liquidity ratio also appears to be rather interesting for investors as it stands at 5.25.
Conclusion
In conclusion, Bit Digital Inc (BTBT) has had a mixed performance lately. Opinion on the stock among analysts is bullish, with some giving it a “buy” rating and others a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
