Bit Digital Inc (NASDAQ: BTBT)’s stock price has plunge by -4.28relation to previous closing price of 4.44. Nevertheless, the company has seen a 5.72% surge in its stock price over the last five trading sessions. proactiveinvestors.com reported 2024-11-22 that Bit Digital Inc (NASDAQ:BTBT) earlier this week highlighted significant growth in its Q3 2024 financial results, reporting a 96% increase in revenue. The company attributed this growth to the success of its high-performance computing (HPC) business, a new line launched earlier this year.
Is It Worth Investing in Bit Digital Inc (NASDAQ: BTBT) Right Now?
The price-to-earnings ratio for Bit Digital Inc (NASDAQ: BTBT) is above average at 68.77x, Analysts have differing opinions on the stock, with 3 analysts rating it as a “buy,” 1 as “overweight,” 0 as “hold,” and 0 as “sell.”
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The public float for BTBT is 152.74M, and currently, short sellers hold a 16.82% ratio of that floaft. The average trading volume of BTBT on November 26, 2024 was 12.71M shares.
BTBT’s Market Performance
BTBT’s stock has seen a 5.72% increase for the week, with a 8.14% rise in the past month and a 21.08% gain in the past quarter. The volatility ratio for the week is 13.22%, and the volatility levels for the past 30 days are at 10.92% for Bit Digital Inc The simple moving average for the last 20 days is 0.68% for BTBT stock, with a simple moving average of 39.61% for the last 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 12.20% 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 -25.96% of loss for the given period.
Volatility was left at 10.92%, however, over the last 30 days, the volatility rate increased by 13.22%, as shares sank -1.39% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +60.98% upper at present.
During the last 5 trading sessions, BTBT rose by +5.72%, which changed the moving average for the period of 200-days by +39.80% in comparison to the 20-day moving average, which settled at $4.22. In addition, Bit Digital Inc saw 0.47% in overturn over a single year, with a tendency to cut further gains.
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 5.72. 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 a nutshell, Bit Digital Inc (BTBT) has experienced a better performance in recent times. The stock has received mixed “buy” and “hold” ratings from analysts. 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.
