Bit Digital (NASDAQ:BTBT) Shares Down 1.5% – Here’s Why

Shares of Bit Digital, Inc. (NASDAQ:BTBT) dropped 1.5% during mid-day trading on Monday . The company traded as low as $1.78 and last traded at $1.99. Approximately 4,731,711 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 12,982,450 shares. The stock had previously closed at $2.02.

Analyst Ratings Changes

BTBT has been the subject of several recent research reports. Craig Hallum initiated coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They set a “buy” rating and a $6.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday, March 17th.

Bit Digital Stock Down 1.0 %

The stock has a market cap of $307.02 million, a price-to-earnings ratio of 33.33 and a beta of 6.05. The stock’s fifty day moving average is $2.60 and its 200-day moving average is $3.38.

Bit Digital (NASDAQ:BTBT) last announced 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). The firm had revenue of $26.10 million during the quarter, compared to analyst estimates of $25.06 million. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. During the same period last year, the firm earned ($0.16) EPS. As a group, equities research analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds have recently modified their holdings of BTBT. OLD Mission Capital LLC bought a new stake in Bit Digital during the 4th quarter worth approximately $31,000. Stifel Financial Corp acquired a new position in shares of Bit Digital in the third quarter valued at approximately $38,000. Cibc World Markets Corp bought a new stake in shares of Bit Digital during the fourth quarter worth $33,000. Wedbush Securities Inc. acquired a new stake in shares of Bit Digital during the fourth quarter worth $37,000. Finally, Orion Portfolio Solutions LLC bought a new stake in Bit Digital in the 4th quarter valued at $38,000. Institutional investors and hedge funds 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.