Bit Digital (NASDAQ:BTBT) Trading Down 6.6% – Here’s What Happened

Bit Digital, Inc. (NASDAQ:BTBT) shares fell 6.6% during trading on Monday . The stock traded as low as $1.71 and last traded at $1.6850. 2,931,041 shares traded hands during trading, a decline of 88% from the average session volume of 24,445,318 shares. The stock had previously closed at $1.8050.

Analysts Set New Price Targets

Several brokerages have recently commented on BTBT. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a research note on Monday. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Weiss Ratings lowered shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, March 30th. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research note on Thursday, April 2nd. Two analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.67.

Bit Digital Stock Down 7.2%

The business’s 50 day moving average is $1.59 and its 200-day moving average is $2.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 6.39 and a current ratio of 6.39. The firm has a market capitalization of $547.02 million, a price-to-earnings ratio of -3.05 and a beta of 3.95.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Thursday, May 14th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). Bit Digital had a negative net margin of 70.70% and a negative return on equity of 5.39%. The firm had revenue of $27.92 million during the quarter, compared to analyst estimates of $25.73 million. Equities analysts anticipate that Bit Digital, Inc. will post -0.12 EPS for the current fiscal year.

Institutional Trading of Bit Digital

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp grew its position in Bit Digital by 40.3% in the 4th quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after purchasing an additional 3,307,076 shares during the last quarter. Invesco Ltd. grew its position in Bit Digital by 18.0% in the 4th quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock worth $19,831,000 after purchasing an additional 1,604,011 shares during the last quarter. Geode Capital Management LLC grew its position in Bit Digital by 4.5% in the 4th quarter. Geode Capital Management LLC now owns 9,347,321 shares of the company’s stock worth $17,669,000 after purchasing an additional 403,097 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Bit Digital by 114.8% during the first quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock valued at $9,641,000 after purchasing an additional 3,932,900 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Bit Digital by 549.2% during the third quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock valued at $21,992,000 after purchasing an additional 6,201,477 shares during the period. 47.70% of the stock is currently owned by institutional investors and hedge funds.

About Bit Digital

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.