Bit Digital (NASDAQ:BTBT) Stock Price Down 5.3% – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price dropped 5.3% during mid-day trading on Wednesday . The company traded as low as $2.30 and last traded at $2.2550. Approximately 4,253,160 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 27,207,203 shares. The stock had previously closed at $2.38.

Analyst Ratings Changes

BTBT has been the subject of a number of analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research report on Thursday. Northland Securities set a $5.00 price target on Bit Digital in a research report on Monday. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a research report on Monday. Finally, Wall Street Zen upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Bit Digital presently has an average rating of “Moderate Buy” and a consensus price target of $6.00.

Bit Digital Stock Performance

The stock’s 50 day simple moving average is $3.31 and its 200-day simple moving average is $2.94. The firm has a market cap of $676.47 million, a price-to-earnings ratio of 4.98 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.05) EPS for the quarter. Bit Digital had a negative return on equity of 7.11% and a net margin of 127.61%.The company had revenue of $30.46 million for the quarter, compared to analyst estimates of $29.54 million. On average, analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BTBT. Invesco Ltd. lifted its holdings in shares of Bit Digital by 42.2% during the third quarter. Invesco Ltd. now owns 8,888,669 shares of the company’s stock worth $26,666,000 after purchasing an additional 2,638,003 shares during the period. Vanguard Group Inc. raised its position in Bit Digital by 549.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after buying an additional 6,201,477 shares during the last quarter. Van ECK Associates Corp lifted its stake in Bit Digital by 47.2% during the 3rd quarter. Van ECK Associates Corp now owns 6,921,408 shares of the company’s stock valued at $20,764,000 after acquiring an additional 2,220,486 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Bit Digital during the 2nd quarter valued at approximately $10,385,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Bit Digital by 60.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,274,084 shares of the company’s stock valued at $12,822,000 after acquiring an additional 1,615,085 shares during the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

Bit Digital Company Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.