Bit Digital (NASDAQ:BTBT) Shares Down 1.5% – Should You Sell?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) traded down 1.5% on Monday . The stock traded as low as $1.78 and last traded at $1.99. 4,731,711 shares were traded during trading, a decline of 64% from the average session volume of 12,982,450 shares. The stock had previously closed at $2.02.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BTBT. Craig Hallum initiated coverage on Bit Digital in a report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Monday, March 17th.

Bit Digital Stock Performance

The company has a fifty day moving average price of $2.60 and a two-hundred day moving average price of $3.38. The company has a market cap of $307.02 million, a P/E ratio of 33.33 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). The company had revenue of $26.10 million during the quarter, compared to the consensus estimate of $25.06 million. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. During the same quarter in the prior year, the business earned ($0.16) earnings per share. Research analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors have recently added to or reduced their stakes in the company. OLD Mission Capital LLC bought a new position in shares of Bit Digital in the 4th quarter valued at about $31,000. Stifel Financial Corp bought a new stake in shares of Bit Digital in the 3rd quarter valued at about $38,000. Cibc World Markets Corp bought a new position in Bit Digital during the fourth quarter worth about $33,000. Wedbush Securities Inc. acquired a new position in Bit Digital during the fourth quarter worth approximately $37,000. Finally, Orion Portfolio Solutions LLC bought a new stake in Bit Digital in the fourth quarter valued at approximately $38,000. 47.70% of the stock is currently 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.