Bit Digital (NASDAQ:BTBT) Stock Price Down 5.3% – Should You Sell?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) dropped 5.3% during trading on Wednesday . The company traded as low as $2.30 and last traded at $2.2550. Approximately 4,253,160 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 27,207,203 shares. The stock had previously closed at $2.38.

Analyst Ratings Changes

A number of research analysts have issued reports on BTBT shares. Wall Street Zen upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research report on Monday. Northland Securities set a $5.00 price objective on shares of Bit Digital in a research report on Monday. Finally, Weiss Ratings raised shares of Bit Digital from a “sell (d)” rating to a “hold (c)” rating in a report on Friday. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bit Digital currently has an average rating of “Moderate Buy” and an average target price of $6.00.

Bit Digital Stock Performance

The firm’s 50-day moving average price is $3.34 and its two-hundred day moving average price is $2.95. The stock has a market cap of $700.65 million, a price-to-earnings ratio of 5.18 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.05) EPS for the quarter. The business had revenue of $30.46 million during the quarter, compared to analyst estimates of $29.54 million. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. As a group, sell-side analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. raised its stake in shares of Bit Digital by 42.2% in the third quarter. Invesco Ltd. now owns 8,888,669 shares of the company’s stock valued at $26,666,000 after acquiring an additional 2,638,003 shares in the last quarter. Vanguard Group Inc. grew its stake in Bit Digital by 549.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after purchasing an additional 6,201,477 shares in the last quarter. Van ECK Associates Corp increased its holdings in Bit Digital by 47.2% during the 3rd quarter. Van ECK Associates Corp now owns 6,921,408 shares of the company’s stock worth $20,764,000 after purchasing an additional 2,220,486 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Bit Digital in the 2nd quarter valued at about $10,385,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Bit Digital by 60.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,274,084 shares of the company’s stock valued at $12,822,000 after buying an additional 1,615,085 shares during the period. Hedge funds and other 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.