Bit Digital (NASDAQ:BTBT) Shares Gap Down on Analyst Downgrade

Bit Digital, Inc. (NASDAQ:BTBT) gapped down before the market opened on Tuesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock had previously closed at $2.37, but opened at $2.23. Bit Digital shares last traded at $2.2150, with a volume of 4,743,131 shares traded.

Several other equities research analysts have also issued reports on BTBT. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a report on Monday, November 17th. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Wall Street Zen raised Bit Digital from a “sell” rating to a “hold” rating in a research note on Saturday, December 27th. Finally, Northland Securities set a $5.00 price target on Bit Digital in a report on Monday, November 17th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Bit Digital presently has a consensus rating of “Hold” and an average price target of $6.00.

Insider Buying and Selling at Bit Digital

In other news, CFO Erke Huang sold 410,636 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $2.01, for a total transaction of $825,378.36. Following the transaction, the chief financial officer owned 1,175,000 shares in the company, valued at approximately $2,361,750. This trade represents a 25.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Walleye Trading LLC acquired a new stake in Bit Digital in the second quarter worth about $25,000. Sheets Smith Wealth Management acquired a new position in shares of Bit Digital during the third quarter valued at about $30,000. Hamilton Wealth LLC purchased a new position in shares of Bit Digital in the 3rd quarter valued at approximately $30,000. LCM Capital Management Inc acquired a new stake in Bit Digital in the 3rd quarter worth approximately $33,000. Finally, Rafferty Asset Management LLC acquired a new stake in Bit Digital in the 3rd quarter worth approximately $33,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Bit Digital Trading Down 5.4%

The company has a market cap of $682.94 million, a PE ratio of 5.02 and a beta of 3.94. The firm’s 50-day simple moving average is $2.21 and its two-hundred day simple moving average is $2.87.

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

About Bit Digital

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.