Bit Digital (NASDAQ:BTBT) Trading Down 5.7% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price was down 5.7% during mid-day trading on Tuesday . The stock traded as low as $3.61 and last traded at $3.66. Approximately 5,841,025 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 15,063,979 shares. The stock had previously closed at $3.88.

Analysts Set New Price Targets

A number of research firms have recently commented on BTBT. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Tuesday, November 19th. B. Riley started coverage on shares of Bit Digital in a research report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective for the company.

Bit Digital Trading Down 8.0 %

The stock has a market capitalization of $548.03 million, a P/E ratio of 59.50 and a beta of 4.89. The stock’s 50 day simple moving average is $4.03 and its 200 day simple moving average is $3.59.

Institutional Trading of Bit Digital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in Bit Digital by 51.0% in the second quarter. Bank of New York Mellon Corp now owns 373,241 shares of the company’s stock worth $1,187,000 after purchasing an additional 126,101 shares during the period. Rhumbline Advisers boosted its position in Bit Digital by 48.3% during the second quarter. Rhumbline Advisers now owns 158,748 shares of the company’s stock worth $505,000 after purchasing an additional 51,695 shares during the period. Victory Capital Management Inc. increased its position in Bit Digital by 39.3% in the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after buying an additional 4,380 shares during the period. Headlands Technologies LLC acquired a new position in Bit Digital in the 2nd quarter valued at approximately $910,000. Finally, Thoroughbred Financial Services LLC bought a new stake in shares of Bit Digital in the 2nd quarter worth approximately $38,000. 47.70% of the stock is owned by institutional investors.

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.