Bit Digital (NASDAQ:BTBT) Stock Price Down 10% – Here’s What Happened

Bit Digital, Inc. (NASDAQ:BTBT) shares traded down 10% during trading on Thursday . The stock traded as low as $1.96 and last traded at $1.97. 3,448,206 shares were traded during mid-day trading, a decline of 73% from the average session volume of 12,922,853 shares. The stock had previously closed at $2.19.

Wall Street Analysts Forecast Growth

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

Bit Digital Stock Performance

The firm’s 50-day simple moving average is $2.69 and its 200-day simple moving average is $3.40. The company has a market capitalization of $302.41 million, a price-to-earnings ratio of 32.83 and a beta of 5.13.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $26.10 million for the quarter, compared to analyst estimates of $25.06 million. During the same period last year, the business earned ($0.16) earnings per share. Equities research analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in Bit Digital by 192.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after buying an additional 530,411 shares during the period. Stifel Financial Corp bought a new stake in Bit Digital in the third quarter valued at about $38,000. SG Americas Securities LLC lifted its stake in Bit Digital by 427.6% during the fourth quarter. SG Americas Securities LLC now owns 219,520 shares of the company’s stock worth $643,000 after purchasing an additional 177,911 shares during the period. Geode Capital Management LLC lifted its stake in Bit Digital by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock worth $8,512,000 after purchasing an additional 42,375 shares during the period. Finally, Barclays PLC boosted its holdings in Bit Digital by 81.4% during the third quarter. Barclays PLC now owns 235,106 shares of the company’s stock valued at $826,000 after purchasing an additional 105,484 shares in the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.