Bit Digital (NASDAQ:BTBT) Shares Down 5.7% – Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price fell 5.7% during mid-day trading on Tuesday . The stock traded as low as $3.61 and last traded at $3.66. 5,841,025 shares were traded during mid-day trading, a decline of 61% from the average session volume of 15,063,979 shares. The stock had previously closed at $3.88.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BTBT. B. Riley initiated coverage on shares of Bit Digital in a research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Tuesday, November 19th.

Bit Digital Trading Down 7.2 %

The company has a 50 day moving average of $3.99 and a 200 day moving average of $3.60. The firm has a market cap of $515.79 million, a price-to-earnings ratio of 56.00 and a beta of 4.89.

Institutional Investors Weigh In On Bit Digital

Large investors have recently made changes to their positions in the company. Millennium Management LLC boosted its position in Bit Digital by 66.6% in the second quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after buying an additional 1,033,767 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Bit Digital by 25.2% in the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock valued at $17,259,000 after acquiring an additional 898,329 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Bit Digital in the 2nd quarter worth approximately $2,126,000. Charles Schwab Investment Management Inc. grew its position in Bit Digital by 192.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after acquiring an additional 530,411 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in Bit Digital during the 3rd quarter valued at $1,222,000. Institutional investors 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.