Bit Digital (NASDAQ:BTBT) Shares Down 5% – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price dropped 5% on Monday . The stock traded as low as $1.94 and last traded at $2.00. Approximately 4,496,998 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 12,875,223 shares. The stock had previously closed at $2.10.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on BTBT shares. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research note on Monday, March 17th. Craig Hallum assumed coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price target for the company.

Bit Digital Price Performance

The firm has a market capitalization of $310.86 million, a PE ratio of 33.75 and a beta of 5.13. The business’s 50 day moving average is $2.78 and its two-hundred day moving average is $3.42.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Friday, March 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The business had revenue of $26.10 million during the quarter, compared to the consensus estimate of $25.06 million. During the same quarter in the previous year, the business earned ($0.16) earnings per share. Analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. OLD Mission Capital LLC purchased a new stake in Bit Digital during the 4th quarter worth approximately $31,000. Cibc World Markets Corp purchased a new position in shares of Bit Digital during the 4th quarter worth approximately $33,000. Wedbush Securities Inc. acquired a new stake in shares of Bit Digital in the fourth quarter valued at $37,000. Stifel Financial Corp purchased a new position in shares of Bit Digital in the 3rd quarter valued at about $38,000. Finally, Orion Portfolio Solutions LLC purchased a new stake in Bit Digital in the 4th quarter valued at $38,000. 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.