Bit Digital (NASDAQ:BTBT) Shares Down 3.6% – Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT) shares were down 3.6% during mid-day trading on Wednesday . The stock traded as low as $3.58 and last traded at $3.57. Approximately 1,183,355 shares traded hands during trading, a decline of 92% from the average daily volume of 15,383,881 shares. The stock had previously closed at $3.70.

Analysts Set New Price Targets

BTBT has been the topic of several recent research reports. B. Riley assumed coverage on shares of Bit Digital in a research note on Thursday, October 24th. They set a “buy” rating and a $6.00 target price on the stock. Craig Hallum started coverage on Bit Digital in a research report on Tuesday. They set a “buy” rating and a $6.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Tuesday, November 19th.

Bit Digital Stock Performance

The company has a 50-day moving average of $3.87 and a 200-day moving average of $3.62. The stock has a market cap of $550.33 million, a price-to-earnings ratio of 59.58 and a beta of 4.89.

Institutional Investors Weigh In On Bit Digital

Several large investors have recently modified their holdings of BTBT. Rhumbline Advisers lifted its holdings in shares of Bit Digital by 48.3% in the 2nd quarter. Rhumbline Advisers now owns 158,748 shares of the company’s stock valued at $505,000 after buying an additional 51,695 shares during the period. Victory Capital Management Inc. lifted its holdings in Bit Digital by 39.3% in the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock valued at $49,000 after acquiring an additional 4,380 shares during the period. Sei Investments Co. purchased a new stake in shares of Bit Digital during the 2nd quarter worth $51,000. Marshall Wace LLP acquired a new position in shares of Bit Digital during the 2nd quarter worth $483,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Bit Digital in the 2nd quarter valued at about $2,126,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.