Bit Digital (NASDAQ:BTBT) Trading Down 4% – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT) shares fell 4% during trading on Friday . The company traded as low as $2.25 and last traded at $2.2850. 1,977,993 shares changed hands during trading, a decline of 93% from the average session volume of 27,712,461 shares. The stock had previously closed at $2.38.

Analyst Ratings Changes

Several brokerages have recently issued reports on BTBT. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Bit Digital in a report on Monday, November 17th. Northland Securities set a $5.00 price objective on Bit Digital in a research report on Monday, November 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bit Digital in a research note on Tuesday. Finally, Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $6.00.

Bit Digital Stock Down 7.8%

The firm has a market capitalization of $710.46 million, a price-to-earnings ratio of 5.23 and a beta of 4.29. The firm’s 50 day moving average is $3.16 and its 200 day moving average is $2.95.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.05) EPS for the quarter. The company had revenue of $30.46 million for 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, sell-side analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Insider Buying and Selling

In other Bit Digital news, CFO Erke Huang sold 410,636 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $2.01, for a total value of $825,378.36. Following the completion of the transaction, the chief financial officer directly owned 1,175,000 shares in the company, valued at $2,361,750. This trade represents a 25.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Bit Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sheets Smith Wealth Management acquired a new position in shares of Bit Digital during the third quarter worth approximately $30,000. Hamilton Wealth LLC bought a new position in Bit Digital during the third quarter worth $30,000. LCM Capital Management Inc acquired a new position in Bit Digital during the 3rd quarter valued at $33,000. Rafferty Asset Management LLC bought a new stake in Bit Digital in the 3rd quarter valued at $33,000. Finally, Walleye Trading LLC bought a new stake in Bit Digital in the 2nd quarter valued at $25,000. 47.70% of the stock is currently 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.