Bit Digital (NASDAQ:BTBT) CFO Erke Huang Sells 410,636 Shares

Bit Digital, Inc. (NASDAQ:BTBT) CFO Erke Huang sold 410,636 shares of the firm’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 directly owned 1,175,000 shares in the company, valued at $2,361,750. This represents a 25.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Erke Huang also recently made the following trade(s):

• On Thursday, November 20th, Erke Huang sold 1,089,364 shares of Bit Digital stock. The shares were sold at an average price of $2.18, for a total transaction of $2,374,813.52.

Bit Digital Stock Performance

NASDAQ BTBT traded up $0.20 during mid-day trading on Monday, reaching $2.29. 45,525,965 shares of the stock were exchanged, compared to its average volume of 27,529,273. Bit Digital, Inc. has a 1-year low of $1.69 and a 1-year high of $5.20. The business’s fifty day simple moving average is $3.29 and its 200 day simple moving average is $2.95. The stock has a market capitalization of $741.20 million, a PE ratio of 5.45 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share 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%. On average, analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Bit Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cerity Partners LLC purchased a new position in shares of Bit Digital in the 1st quarter worth about $25,000. Walleye Trading LLC purchased a new position in Bit Digital in the second quarter valued at approximately $25,000. Sheets Smith Wealth Management purchased a new position in Bit Digital in the third quarter valued at approximately $30,000. Hamilton Wealth LLC acquired a new position in Bit Digital during the third quarter valued at approximately $30,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in Bit Digital by 2,892.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company’s stock worth $31,000 after buying an additional 14,692 shares during the period. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on BTBT. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research note on Monday, November 17th. Northland Securities set a $5.00 price target on Bit Digital in a report on Monday, November 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Bit Digital in a report on Thursday. Finally, Wall Street Zen cut shares of Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.00.

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.