Bit Digital (NASDAQ:BTBT) Stock Price Down 7.4% – Should You Sell?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) were down 7.4% on Friday . The company traded as low as $1.75 and last traded at $1.83. Approximately 3,289,940 shares traded hands during trading, a decline of 75% from the average daily volume of 12,941,416 shares. The stock had previously closed at $1.97.

Analyst Ratings Changes

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

Bit Digital Trading Up 2.3 %

The firm has a 50 day moving average of $2.62 and a two-hundred day moving average of $3.39. The stock has a market capitalization of $309.32 million, a PE ratio of 33.58 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The firm had revenue of $26.10 million during the quarter, compared to analyst estimates of $25.06 million. During the same period last year, the company posted ($0.16) EPS. Equities research analysts forecast that Bit Digital, Inc. will post -0.2 EPS for the current year.

Institutional Trading of Bit Digital

Institutional investors and hedge funds have recently modified their holdings of the business. OLD Mission Capital LLC acquired a new position in shares of Bit Digital in the fourth quarter worth $31,000. Cibc World Markets Corp purchased a new stake in Bit Digital during the 4th quarter worth about $33,000. Wedbush Securities Inc. purchased a new stake in Bit Digital during the 4th quarter worth about $37,000. Stifel Financial Corp purchased a new position in Bit Digital in the 3rd quarter valued at about $38,000. Finally, Orion Portfolio Solutions LLC acquired a new stake in shares of Bit Digital during the 4th quarter worth about $38,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.