Bit Digital (NASDAQ:BTBT) Shares Gap Down – Time to Sell?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) gapped down before the market opened on Tuesday . The stock had previously closed at $2.37, but opened at $2.23. Bit Digital shares last traded at $2.2150, with a volume of 4,743,131 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BTBT. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bit Digital in a research report on Monday, December 29th. Northland Securities set a $5.00 target price on Bit Digital in a research note on Monday, November 17th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a report on Monday, November 17th. Finally, Wall Street Zen upgraded shares of Bit Digital from a “sell” rating to a “hold” rating in a research note on Saturday, December 27th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.00.

Bit Digital Price Performance

The company has a market capitalization of $736.35 million, a PE ratio of 5.42 and a beta of 3.94. The company’s 50 day simple moving average is $2.24 and its 200 day simple moving average is $2.89.

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

Insider Transactions at Bit Digital

In other Bit Digital news, CFO Erke Huang sold 1,089,364 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $2.18, for a total transaction of $2,374,813.52. Following the completion of the sale, the chief financial officer directly owned 1,585,636 shares of the company’s stock, valued at $3,456,686.48. This represents a 40.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is owned by company insiders.

Institutional Trading of Bit Digital

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Bit Digital by 549.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock valued at $21,992,000 after purchasing an additional 6,201,477 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Bit Digital during the 2nd quarter worth approximately $10,385,000. Valiant Capital Management L.P. purchased a new stake in shares of Bit Digital in the second quarter valued at $8,760,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Bit Digital during the second quarter valued at approximately $7,512,000. Finally, Invesco Ltd. boosted 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 last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.