Bit Digital Inc (BTBT) Shares on the Rise: Short-term Analysis

At the time of writing, Bit Digital Inc [BTBT] stock is trading at $2.26, up 2.26%. It is a good measure of the stock’s recent performance to check whether the stock’s short-term value is rising or falling. The BTBT shares have gain 4.15% over the last week, with a monthly amount glided 20.21%, and seem to be holding up well over a long-time horizon.

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From an analyst’s perspective:

Bit Digital Inc [NASDAQ: BTBT] stock has seen the most recent analyst activity on February 13, 2024, when Northland Capital initiated its Outperform rating and assigned the stock a price target of $6. Previously, H.C. Wainwright started tracking the stock with Buy rating on September 23, 2021, and set its price target to $14.

For the past year, the stock price of Bit Digital Inc fluctuated between $1.76 and $5.27. Currently, Wall Street analysts expect the stock to reach $2 within the next 12 months. Bit Digital Inc [NASDAQ: BTBT] shares were valued at $2.26 at the most recent close of the market. An investor can expect a potential drop of -11.5% based on the average BTBT price forecast.

Analyzing the BTBT fundamentals

According to Bit Digital Inc [NASDAQ:BTBT], the company’s sales were 44.92M for trailing twelve months, which represents an 106.43% jump. Gross Profit Margin for this corporation currently stands at 0.33% with Operating Profit Margin at -0.5%, Pretax Profit Margin comes in at -0.28%, and Net Profit Margin reading is -0.28%. To continue investigating profitability, this company’s Return on Assets is posted at -0.07, Equity is -0.13 and Total Capital is -0.15. An extended analysis of the company’s primary financial structure reveals a debt-to-equity ratio of0.04.

Before buying any particular stock, readers tend to pay close attention to the indicators that support and create resistance. The company’s stock is currently sitting at 2.18 points at the first support level, and at 2.11 for the second support level. However, for the 1st resistance point, the stock is sitting at 2.30, and for the 2nd resistance point, it is at 2.35.

Bit Digital Inc [BTBT] reported earnings per share of -$0.02 for its fiscal quarter that ended on 12/31/2023. Based on the Wall Street analysts’ estimates, the company was expected to report earnings of -$0.05/share, meaning a difference of $0.03 and a surprise factor of 60.00%. By comparison, the stated earnings for the previous quarter ended on 9/30/2023 were -$0.08 per share as compared to estimates of -$0.06 per share, a difference of -$0.02 representing a surprise of -33.30%.

Ratios To Look Out For

It is important to note that Bit Digital Inc [NASDAQ:BTBT] has a current ratio of 3.04. Further, the Quick Ratio stands at 3.04, while the Cash Ratio is 0.67. Considering the valuation of this stock, the price to sales ratio is 5.94, the price to book ratio is 1.69.

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