Bit Digital (NASDAQ:BTBT) Shares Down 7.4% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price traded down 7.4% on Monday . The company traded as low as $2.06 and last traded at $2.0830. 10,341,825 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 27,729,801 shares. The stock had previously closed at $2.25.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a report on Monday, November 17th. Northland Securities set a $5.00 price target on Bit Digital in a research note on Monday, November 17th. Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a report on Monday, December 8th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $6.00.

Bit Digital Price Performance

The business has a 50 day simple moving average of $3.05 and a 200-day simple moving average of $2.95. The stock has a market capitalization of $681.33 million, a price-to-earnings ratio of 5.01 and a beta of 4.29.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. The business had revenue of $30.46 million for the quarter, compared to the consensus estimate of $29.54 million. As a group, equities analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Insider Activity

In related news, CFO Erke Huang sold 410,636 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $2.01, for a total transaction of $825,378.36. Following the sale, the chief financial officer directly owned 1,175,000 shares in the company, valued at $2,361,750. This trade represents a 25.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently made changes to their positions in the business. Walleye Trading LLC acquired a new stake in shares of Bit Digital in the second quarter valued at about $25,000. Sheets Smith Wealth Management acquired a new stake in shares of Bit Digital in the third quarter valued at approximately $30,000. Hamilton Wealth LLC bought a new stake in Bit Digital during the third quarter worth about $30,000. Caitong International Asset Management Co. Ltd lifted its stake in Bit Digital by 2,892.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company’s stock worth $31,000 after purchasing an additional 14,692 shares during the last quarter. Finally, LCM Capital Management Inc bought a new stake in shares of Bit Digital during the 3rd quarter worth $33,000. 47.70% of the stock is owned by institutional investors.

About Bit Digital

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.