Bit Digital (NASDAQ:BTBT) Shares Gap Down – Here’s What Happened

Bit Digital, Inc. (NASDAQ:BTBT) shares gapped down prior to trading on Monday . The stock had previously closed at $2.38, but opened at $2.25. Bit Digital shares last traded at $2.49, with a volume of 7,074,190 shares.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on BTBT shares. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Monday. Craig Hallum assumed coverage on shares of Bit Digital in a research note on Tuesday, January 21st. They set a “buy” rating and a $6.00 target price for the company.

Bit Digital Stock Performance

The business’s 50 day moving average price is $2.07 and its two-hundred day moving average price is $3.03. The company has a market capitalization of $511.42 million, a price-to-earnings ratio of 41.83 and a beta of 5.25.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. On average, sell-side analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Trading of Bit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Uniplan Investment Counsel Inc. raised its holdings in shares of Bit Digital by 203.8% in the 1st quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company’s stock worth $2,200,000 after purchasing an additional 730,766 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Bit Digital by 62.6% in the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after purchasing an additional 899,967 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Bit Digital by 14.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company’s stock worth $4,306,000 after purchasing an additional 273,480 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Bit Digital by 815.3% in the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock worth $409,000 after purchasing an additional 180,509 shares in the last quarter. Finally, OLD Mission Capital LLC raised its holdings in shares of Bit Digital by 112.6% in the 1st quarter. OLD Mission Capital LLC now owns 22,302 shares of the company’s stock worth $45,000 after purchasing an additional 11,812 shares in the last quarter. 47.70% of the stock is currently owned by institutional investors.

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.