BTC Digital (NASDAQ:BTCT) Trading Down 6% – Here’s Why

Shares of BTC Digital Ltd. (NASDAQ:BTCT) traded down 6% on Thursday . The company traded as low as $1.35 and last traded at $1.40. 63,124 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 91,476 shares. The stock had previously closed at $1.49.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of BTC Digital in a report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, BTC Digital presently has an average rating of “Sell”.

BTC Digital Trading Down 2.1%

The business’s fifty day simple moving average is $1.68 and its 200-day simple moving average is $2.28. The firm has a market cap of $10.30 million, a P/E ratio of -1.14 and a beta of 5.69.

Institutional Inflows and Outflows

An institutional investor recently raised its position in BTC Digital stock. SBI Securities Co. Ltd. increased its stake in shares of BTC Digital Ltd. (NASDAQ:BTCT) by 102.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,378 shares of the company’s stock after acquiring an additional 14,378 shares during the quarter. SBI Securities Co. Ltd. owned about 0.38% of BTC Digital worth $89,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 7.32% of the company’s stock.

BTC Digital Company Profile

BTC Digital Ltd. a crypto asset technology company engages in bitcoin mining business. It is also involved in mining machines resale and rental business. The company was formerly known as Meten Holding Group Ltd. and changed its name to BTC Digital Ltd. in August 2023. The company was founded in 2006 and is headquartered in Shenzhen, China.