Bit Digital (NASDAQ:BTBT) Stock Price Down 4.1% – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT)’s share price dropped 4.1% on Thursday . The company traded as low as $3.54 and last traded at $3.54. Approximately 1,092,352 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 14,964,692 shares. The stock had previously closed at $3.69.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BTBT shares. B. Riley assumed coverage on shares of Bit Digital in a research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Tuesday, November 19th.

Bit Digital Stock Up 1.4 %

The stock’s fifty day moving average is $3.95 and its two-hundred day moving average is $3.61. The firm has a market capitalization of $564.92 million, a price-to-earnings ratio of 61.33 and a beta of 4.89.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of BTBT. Crescent Grove Advisors LLC bought a new stake in Bit Digital in the 3rd quarter valued at $35,000. Creative Planning acquired a new position in shares of Bit Digital in the third quarter valued at $37,000. Stifel Financial Corp acquired a new position in shares of Bit Digital in the third quarter valued at $38,000. Ballentine Partners LLC bought a new position in shares of Bit Digital in the fourth quarter valued at about $40,000. Finally, Victory Capital Management Inc. lifted its stake in shares of Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after buying an additional 4,380 shares during the last quarter. Institutional investors own 47.70% of the company’s stock.

About Bit Digital

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.