Bit Digital (NASDAQ:BTBT) Trading Down 3.5% – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price was down 3.5% during trading on Tuesday . The stock traded as low as $1.78 and last traded at $1.79. Approximately 3,751,709 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 13,261,671 shares. The stock had previously closed at $1.85.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday, March 17th. Craig Hallum started 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.

Bit Digital Stock Performance

The company has a market capitalization of $270.18 million, a price-to-earnings ratio of 29.33 and a beta of 6.05. The firm has a 50-day moving average price of $2.36 and a 200-day moving average price of $3.28.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Friday, March 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The business had revenue of $26.10 million during the quarter, compared to analyst estimates of $25.06 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. During the same period in the prior year, the firm earned ($0.16) EPS. Equities research analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Several hedge funds have recently modified their holdings of BTBT. Vident Advisory LLC increased its position in shares of Bit Digital by 56.2% in the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock worth $9,360,000 after acquiring an additional 1,149,727 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Bit Digital by 116.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company’s stock valued at $5,127,000 after purchasing an additional 943,214 shares in the last quarter. Millennium Management LLC boosted its position in shares of Bit Digital by 30.1% in the fourth quarter. Millennium Management LLC now owns 1,437,250 shares of the company’s stock worth $4,211,000 after buying an additional 332,513 shares during the period. Jump Financial LLC purchased a new position in shares of Bit Digital during the fourth quarter valued at $887,000. Finally, Two Seas Capital LP lifted its stake in Bit Digital by 60.6% in the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock worth $1,941,000 after acquiring an additional 250,000 shares in the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.