Bit Digital (NASDAQ:BTBT) Trading Down 13.2% – Here’s Why

Shares of Bit Digital, Inc. (NASDAQ:BTBT) were down 13.2% during trading on Friday . The stock traded as low as $1.61 and last traded at $1.6050. Approximately 11,910,090 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 24,565,908 shares. The stock had previously closed at $1.85.

Analysts Set New Price Targets

Several analysts recently commented on BTBT shares. Weiss Ratings cut Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 18th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a report on Thursday, April 2nd. Finally, Zacks Research cut Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $5.67.

Bit Digital Trading Down 11.1%

The company has a market cap of $574.42 million, a price-to-earnings ratio of -2.40 and a beta of 3.98. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. The firm’s 50-day moving average price is $1.68 and its 200 day moving average price is $1.88.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The company had revenue of $27.92 million for the quarter, compared to analyst estimates of $25.73 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%. As a group, equities analysts expect that Bit Digital, Inc. will post -0.39 EPS for the current year.

Institutional Trading of Bit Digital

Several large investors have recently modified their holdings of BTBT. American Century Companies Inc. grew its position in Bit Digital by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock valued at $402,000 after purchasing an additional 4,374 shares during the period. Legal & General Group Plc grew its position in Bit Digital by 60.2% in the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after purchasing an additional 6,206 shares during the period. Ameritas Investment Partners Inc. grew its position in Bit Digital by 43.5% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 26,584 shares of the company’s stock valued at $80,000 after purchasing an additional 8,060 shares during the period. Mackenzie Financial Corp grew its position in Bit Digital by 75.4% in the 4th quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after purchasing an additional 8,630 shares during the period. Finally, Principal Financial Group Inc. grew its position in Bit Digital by 78.9% in the 3rd quarter. Principal Financial Group Inc. now owns 22,227 shares of the company’s stock valued at $67,000 after purchasing an additional 9,803 shares during the period. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Company Profile

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.