Bit Digital (NASDAQ:BTBT) Stock Price Down 6.6% – Here’s What Happened

Shares of Bit Digital, Inc. (NASDAQ:BTBT) dropped 6.6% during mid-day trading on Thursday . The stock traded as low as $1.71 and last traded at $1.78. Approximately 4,870,405 shares traded hands during trading, a decline of 63% from the average daily volume of 13,168,437 shares. The stock had previously closed at $1.90.

Analysts Set New Price Targets

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

Bit Digital Stock Down 7.6 %

The firm has a market capitalization of $269.41 million, a price-to-earnings ratio of 29.42 and a beta of 6.05. The company has a 50-day moving average price of $2.50 and a 200-day moving average price of $3.34.

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

Institutional Trading of Bit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. OLD Mission Capital LLC acquired a new position in Bit Digital in the fourth quarter worth approximately $31,000. Advance Capital Management Inc. acquired a new position in shares of Bit Digital in the 1st quarter worth $31,000. Cibc World Markets Corp acquired a new stake in shares of Bit Digital during the fourth quarter worth $33,000. Wedbush Securities Inc. purchased a new stake in shares of Bit Digital during the fourth quarter valued at $37,000. Finally, Stifel Financial Corp acquired a new position in shares of Bit Digital in the 3rd quarter valued at $38,000. 47.70% of the stock is currently owned by 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.