Bit Digital (NASDAQ:BTBT) Shares Down 3.5% – Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT) shares were down 3.5% during trading on Tuesday . The company traded as low as $1.78 and last traded at $1.79. Approximately 3,751,709 shares were traded during trading, a decline of 72% from the average daily volume of 13,261,671 shares. The stock had previously closed at $1.85.

Analysts Set New Price Targets

A number of research firms recently commented on BTBT. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Monday, March 17th. Craig Hallum began coverage on shares of Bit Digital in a research note on Tuesday, January 21st. They set a “buy” rating and a $6.00 price objective on the stock.

Bit Digital Price Performance

The company has a 50-day moving average of $2.42 and a two-hundred day moving average of $3.30. The stock has a market capitalization of $264.80 million, a PE ratio of 28.75 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data 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 return on equity of 5.69% and a negative net margin of 2.75%. The company had revenue of $26.10 million for the quarter, compared to analysts’ expectations of $25.06 million. During the same quarter in the previous year, the company earned ($0.16) earnings per share. On average, research analysts forecast that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BTBT. Vident Advisory LLC raised its holdings in shares of Bit Digital by 56.2% in the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock worth $9,360,000 after purchasing an additional 1,149,727 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Bit Digital by 116.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company’s stock valued at $5,127,000 after buying an additional 943,214 shares during the period. Millennium Management LLC lifted its position in Bit Digital by 30.1% during the fourth quarter. Millennium Management LLC now owns 1,437,250 shares of the company’s stock valued at $4,211,000 after buying an additional 332,513 shares in the last quarter. Jump Financial LLC purchased a new stake in Bit Digital during the fourth quarter worth approximately $887,000. Finally, Two Seas Capital LP increased its position in shares of Bit Digital by 60.6% in the fourth quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock worth $1,941,000 after acquiring an additional 250,000 shares in the last quarter. 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.