Bit Digital (NASDAQ:BTBT) Trading Down 0.3% – Here’s Why

Shares of Bit Digital, Inc. (NASDAQ:BTBT) dropped 0.3% during mid-day trading on Wednesday . The stock traded as low as $1.71 and last traded at $1.76. Approximately 1,975,099 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 13,266,434 shares. The stock had previously closed at $1.76.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BTBT shares. Craig Hallum started coverage on Bit Digital in a research report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday, March 17th.

Bit Digital Price Performance

The firm has a market capitalization of $265.56 million, a PE ratio of 28.83 and a beta of 6.05. The business’s 50-day moving average price is $2.39 and its 200-day moving average price is $3.29.

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

Institutional Investors Weigh In On Bit Digital

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of Bit Digital by 1.7% in the 3rd quarter. State Street Corp now owns 5,597,517 shares of the company’s stock valued at $19,647,000 after buying an additional 94,762 shares during the period. Vident Advisory LLC grew its stake in shares of Bit Digital by 56.2% during the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock worth $9,360,000 after purchasing an additional 1,149,727 shares during the period. Geode Capital Management LLC increased its holdings in shares of Bit Digital by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock valued at $8,512,000 after purchasing an additional 42,375 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Bit Digital by 116.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company’s stock worth $5,127,000 after buying an additional 943,214 shares in the last quarter. Finally, Millennium Management LLC grew its position in Bit Digital by 30.1% during the fourth quarter. Millennium Management LLC now owns 1,437,250 shares of the company’s stock worth $4,211,000 after buying an additional 332,513 shares during the period. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.