Bit Digital (NASDAQ:BTBT) Trading Down 4% – Should You Sell?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) were down 4% during mid-day trading on Friday . The stock traded as low as $2.25 and last traded at $2.2850. Approximately 1,977,993 shares were traded during trading, a decline of 93% from the average daily volume of 27,712,461 shares. The stock had previously closed at $2.38.

Analyst Ratings Changes

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

Bit Digital Trading Down 7.8%

The business’s 50-day moving average is $3.16 and its two-hundred day moving average is $2.95. The stock has a market capitalization of $710.46 million, a PE ratio of 5.23 and a beta of 4.29.

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

Insider Activity

In related news, CFO Erke Huang sold 410,636 shares of the business’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $2.01, for a total value of $825,378.36. Following the transaction, the chief financial officer owned 1,175,000 shares in the company, valued at approximately $2,361,750. The trade was a 25.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Bit Digital

Institutional investors have recently modified their holdings of the stock. Byrne Asset Management LLC increased its holdings in Bit Digital by 22.5% in the second quarter. Byrne Asset Management LLC now owns 21,492 shares of the company’s stock valued at $47,000 after buying an additional 3,954 shares during the last quarter. Plancorp LLC boosted its holdings in Bit Digital by 34.8% in the second quarter. Plancorp LLC now owns 15,500 shares of the company’s stock worth $34,000 after purchasing an additional 4,000 shares during the period. Kingsview Wealth Management LLC raised its holdings in shares of Bit Digital by 17.3% during the second quarter. Kingsview Wealth Management LLC now owns 28,295 shares of the company’s stock worth $62,000 after purchasing an additional 4,175 shares during the period. American Century Companies Inc. lifted its position in shares of Bit Digital by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock worth $402,000 after buying an additional 4,374 shares during the last quarter. Finally, Ethic Inc. grew its position in shares of Bit Digital by 31.8% during the 2nd quarter. Ethic Inc. now owns 19,644 shares of the company’s stock valued at $39,000 after buying an additional 4,739 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, 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.