Bit Digital (NASDAQ:BTBT) Stock Price Down 7.4% – Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT) fell 7.4% on Monday . The stock traded as low as $2.06 and last traded at $2.0830. 10,341,825 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 27,729,801 shares. The stock had previously closed at $2.25.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BTBT shares. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Northland Securities set a $5.00 price objective on shares of Bit Digital in a report on Monday, November 17th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Monday, November 17th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a report on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Bit Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

Bit Digital Trading Down 6.4%

The stock has a 50-day moving average of $3.05 and a 200-day moving average of $2.95. The firm has a market cap of $681.33 million, a price-to-earnings ratio of 5.01 and a beta of 4.29.

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

Insider Transactions at Bit Digital

In other Bit Digital news, CFO Erke Huang sold 410,636 shares of the business’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $2.01, for a total transaction of $825,378.36. Following the sale, the chief financial officer owned 1,175,000 shares in the company, valued at approximately $2,361,750. The trade was a 25.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BTBT. Byrne Asset Management LLC boosted its stake in shares of Bit Digital by 22.5% during the 2nd quarter. Byrne Asset Management LLC now owns 21,492 shares of the company’s stock valued at $47,000 after buying an additional 3,954 shares during the period. Plancorp LLC increased its stake in shares of Bit Digital by 34.8% during the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company’s stock worth $34,000 after purchasing an additional 4,000 shares during the last quarter. Kingsview Wealth Management LLC raised its holdings in shares of Bit Digital by 17.3% during the 2nd quarter. Kingsview Wealth Management LLC now owns 28,295 shares of the company’s stock valued at $62,000 after purchasing an additional 4,175 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Bit Digital by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock valued at $402,000 after acquiring an additional 4,374 shares during the last quarter. Finally, Ethic Inc. lifted its stake in shares of Bit Digital by 31.8% in the second quarter. Ethic Inc. now owns 19,644 shares of the company’s stock worth $39,000 after buying an additional 4,739 shares during the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

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.