Bit Digital (NASDAQ:BTBT) Shares Down 5.3% – Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price fell 5.3% during trading on Wednesday . The stock traded as low as $2.30 and last traded at $2.2550. 4,253,160 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 27,207,203 shares. The stock had previously closed at $2.38.

Analysts Set New Price Targets

A number of brokerages have commented on BTBT. Northland Securities set a $5.00 price target on Bit Digital in a research report on Monday. Weiss Ratings raised Bit Digital from a “sell (d)” rating to a “hold (c)” rating in a report on Friday. Wall Street Zen raised Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Monday. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $6.00.

Bit Digital Trading Down 8.6%

The business’s 50-day simple moving average is $3.34 and its 200 day simple moving average is $2.95. The firm has a market cap of $700.65 million, a PE ratio of 5.18 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. The business had revenue of $30.46 million for the quarter, compared to analysts’ expectations of $29.54 million. Analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BTBT. Cerity Partners LLC acquired a new stake in Bit Digital in the first quarter valued at approximately $25,000. Private Advisor Group LLC purchased a new stake in shares of Bit Digital during the 1st quarter valued at $53,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Bit Digital in the 1st quarter worth $354,000. Arkadios Wealth Advisors purchased a new position in Bit Digital during the 1st quarter worth $112,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Bit Digital by 12.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company’s stock valued at $3,971,000 after buying an additional 215,956 shares during the last quarter. Hedge funds and other institutional investors 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.