Bit Digital (NASDAQ:BTBT) Trading Down 13.2% – Here’s Why

Shares of Bit Digital, Inc. (NASDAQ:BTBT) dropped 13.2% during trading on Friday . The company traded as low as $1.61 and last traded at $1.6050. Approximately 11,910,090 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 24,565,908 shares. The stock had previously closed at $1.85.

Wall Street Analyst Weigh In

BTBT has been the subject of a number of analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Thursday, April 2nd. Weiss Ratings downgraded Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. B. Riley Financial reaffirmed a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, Zacks Research downgraded Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Two research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Bit Digital currently has a consensus rating of “Hold” and an average price target of $5.67.

Bit Digital Stock Performance

The company has a quick ratio of 6.36, a current ratio of 6.36 and a debt-to-equity ratio of 0.56. The stock has a market cap of $574.42 million, a price-to-earnings ratio of -2.40 and a beta of 3.98. The company has a 50 day simple moving average of $1.68 and a 200 day simple moving average of $1.88.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.41). Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%.The business had revenue of $27.92 million for the quarter, compared to analyst estimates of $25.73 million. As a group, equities research analysts forecast that Bit Digital, Inc. will post -0.39 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp increased its stake in shares of Bit Digital by 47.2% in the third quarter. Van ECK Associates Corp now owns 6,921,408 shares of the company’s stock valued at $20,764,000 after buying an additional 2,220,486 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Bit Digital by 686.9% in the third quarter. JPMorgan Chase & Co. now owns 2,288,068 shares of the company’s stock valued at $6,864,000 after buying an additional 1,997,304 shares during the period. Monashee Investment Management LLC acquired a new position in shares of Bit Digital in the third quarter valued at approximately $4,500,000. Quantbot Technologies LP acquired a new position in shares of Bit Digital in the third quarter valued at approximately $2,339,000. Finally, Pictet Asset Management Holding SA increased its stake in shares of Bit Digital by 524.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 597,032 shares of the company’s stock valued at $1,128,000 after buying an additional 501,423 shares during the period. Institutional investors and hedge funds own 47.70% of the company’s stock.

About Bit Digital

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.