Bit Digital (NASDAQ:BTBT) Trading Down 6.6% – Here’s What Happened

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price traded down 6.6% during trading on Monday . The stock traded as low as $1.71 and last traded at $1.6850. 2,931,041 shares were traded during mid-day trading, a decline of 88% from the average session volume of 24,445,318 shares. The stock had previously closed at $1.8050.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Weiss Ratings downgraded shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, March 30th. Zacks Research downgraded shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, April 6th. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a research report on Monday. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Thursday, April 2nd. Finally, Wall Street Zen downgraded shares of Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Bit Digital has a consensus rating of “Hold” and a consensus price target of $5.67.

Bit Digital Trading Down 7.2%

The stock has a market cap of $547.02 million, a price-to-earnings ratio of -3.05 and a beta of 3.95. The company has a debt-to-equity ratio of 0.13, a quick ratio of 6.39 and a current ratio of 6.39. The company’s 50 day simple moving average is $1.59 and its two-hundred day simple moving average is $2.01.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The company had revenue of $27.92 million during the quarter, compared to analyst estimates of $25.73 million. Bit Digital had a negative net margin of 70.70% and a negative return on equity of 5.39%. Research analysts expect that Bit Digital, Inc. will post -0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. State Street Corp increased its stake in Bit Digital by 40.3% in the 4th quarter. State Street Corp now owns 11,518,002 shares of the company’s stock valued at $21,769,000 after buying an additional 3,307,076 shares during the period. Invesco Ltd. increased its stake in shares of Bit Digital by 18.0% during the 4th quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock worth $19,831,000 after purchasing an additional 1,604,011 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Bit Digital by 4.5% during the 4th quarter. Geode Capital Management LLC now owns 9,347,321 shares of the company’s stock worth $17,669,000 after purchasing an additional 403,097 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Bit Digital by 114.8% during the 1st quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after purchasing an additional 3,932,900 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Bit Digital by 549.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after purchasing an additional 6,201,477 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.