Bit Digital (NASDAQ:BTBT) Trading Down 5% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT) fell 5% during trading on Friday . The company traded as low as $1.47 and last traded at $1.5150. 23,687,760 shares traded hands during trading, a decline of 7% from the average daily volume of 25,396,115 shares. The stock had previously closed at $1.5950.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bit Digital in a report on Thursday, August 13th. Finally, Craig Hallum reiterated a “buy” rating and set a $3.50 target price on shares of Bit Digital in a research report on Tuesday, July 14th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $5.12.

Bit Digital Price Performance

The business’s fifty day simple moving average is $1.63 and its 200-day simple moving average is $1.67. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69. The firm has a market cap of $555.38 million, a P/E ratio of -1.45 and a beta of 4.02.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%.The company had revenue of $32.11 million during the quarter, compared to the consensus estimate of $23.58 million. As a group, analysts forecast that Bit Digital, Inc. will post -0.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Walleye Trading LLC purchased a new position in Bit Digital during the 2nd quarter valued at about $25,000. Cerity Partners LLC purchased a new stake in shares of Bit Digital in the fourth quarter worth about $26,000. nVerses Capital LLC purchased a new stake in shares of Bit Digital in the fourth quarter worth about $26,000. Marathon Capital Management bought a new position in shares of Bit Digital in the fourth quarter valued at approximately $28,000. Finally, E6 Portfolios LLC bought a new position in shares of Bit Digital in the fourth quarter valued at approximately $28,000. Institutional investors 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.