Bit Digital (NASDAQ:BTBT) Stock Price Down 9.1% – Here’s What Happened

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price was down 9.1% on Tuesday . The stock traded as low as $1.9350 and last traded at $1.9550. Approximately 6,085,868 shares changed hands during trading, a decline of 75% from the average daily volume of 23,967,484 shares. The stock had previously closed at $2.15.

Analyst Ratings Changes

BTBT has been the subject of a number of research analyst reports. Zacks Research cut shares of Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. Weiss Ratings downgraded Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, March 30th. Wall Street Zen lowered Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. B. Riley Financial lowered their price target on Bit Digital from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, April 2nd. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Thursday, April 2nd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.67.

Bit Digital Stock Down 13.7%

The company has a market capitalization of $605.80 million, a price-to-earnings ratio of -3.35 and a beta of 3.95. The business’s 50-day moving average is $1.57 and its 200-day moving average is $2.06. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.13.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Friday, March 27th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The company had revenue of $32.34 million for the quarter, compared to analyst estimates of $31.87 million. Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%. As a group, equities analysts predict that Bit Digital, Inc. will post -0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BTBT. American Century Companies Inc. grew its stake in shares of Bit Digital by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock worth $402,000 after purchasing an additional 4,374 shares during the period. Legal & General Group Plc lifted its stake in shares of Bit Digital by 60.2% in the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after purchasing an additional 6,206 shares during the period. Ameritas Investment Partners Inc. grew its position in Bit Digital by 43.5% during the third quarter. Ameritas Investment Partners Inc. now owns 26,584 shares of the company’s stock valued at $80,000 after buying an additional 8,060 shares during the period. Mackenzie Financial Corp grew its position in Bit Digital by 75.4% during the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after buying an additional 8,630 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Bit Digital by 78.9% in the third quarter. Principal Financial Group Inc. now owns 22,227 shares of the company’s stock valued at $67,000 after buying an additional 9,803 shares in the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.