Bit Digital (NASDAQ:BTBT) Stock Price Down 1.5% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT) fell 1.5% during mid-day trading on Monday . The company traded as low as $1.78 and last traded at $1.99. 4,731,711 shares were traded during trading, a decline of 64% from the average session volume of 12,982,450 shares. The stock had previously closed at $2.02.

Analysts Set New Price Targets

Several research analysts recently issued reports on BTBT shares. Craig Hallum assumed coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday, March 17th.

Bit Digital Price Performance

The stock has a market capitalization of $291.67 million, a PE ratio of 31.67 and a beta of 6.05. The firm’s 50 day simple moving average is $2.50 and its 200 day simple moving average is $3.34.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The business had revenue of $26.10 million during the quarter, compared to analysts’ expectations of $25.06 million. During the same quarter in the previous year, the business earned ($0.16) EPS. Analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Stifel Financial Corp grew its position in Bit Digital by 31.0% during the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company’s stock worth $41,000 after acquiring an additional 3,320 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Bit Digital by 10.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company’s stock valued at $132,000 after purchasing an additional 4,389 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Bit Digital by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company’s stock valued at $843,000 after purchasing an additional 6,621 shares during the period. Rhumbline Advisers grew its holdings in shares of Bit Digital by 4.5% in the fourth quarter. Rhumbline Advisers now owns 156,715 shares of the company’s stock worth $459,000 after purchasing an additional 6,809 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Bit Digital by 90.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company’s stock worth $46,000 after buying an additional 7,395 shares during the period. 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.