Bit Brother Limited (NASDAQ:BTB) Stock Rockets 34% in a Month: Here is Why

Shares of Bit Brother Limited (NASDAQ:BTB) moved in a narrow range last week and now up 34% over the past month.

Market Stats

On Friday, BTB stock moved up 0.83% at $1.2200 with more than 366.28K shares, compared to its average volume of 1.85 million shares. The stock has moved within a range of $1.2000 – 1.2700 after opening the trade at $1.2220.

Regains Compliance with Nasdaq Minimum Bid Price Requirements for Continued Listing

Bit Brother Limited (NASDAQ:BTB), which was formerly known as Urban Tea, was incorporated in the British Virgin Islands as a company with limited liability on November 28, 2011. The business mostly consists of the distribution and retail of specialty tea products. The company caters to an exclusive target audience with very specific tastes.

Bit Brother Limited, on the 5th of November, has made a major announcement. It has finally regained compliance with Nasdaq’s minimum bid price requirement. On the 3rd of November 2021, the company had received a notification from Nasdaq Stock Market Listing Qualifications Staff, in writing.

The notification stated that the company has regained compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The conditions for regained compliance are based on the company’s closing bid price being $1.00 per share or greater for 10 consecutive business days from October 20, 2021 to November 2, 2021.

Traders Corner

BTB stock is trading above the 20-Day and 50-Day Moving averages of $1.14 and $1 respectively. However, the stock is trading below the 200-Day moving average of $2.17. The stock is up 24% in the past month.