Bit Digital (NASDAQ:BTBT) Shares Gap Down – Here’s What Happened

Bit Digital, Inc. (NASDAQ:BTBT) shares gapped down before the market opened on Monday . The stock had previously closed at $2.38, but opened at $2.25. Bit Digital shares last traded at $2.49, with a volume of 7,074,190 shares.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BTBT. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Bit Digital in a report on Monday. Craig Hallum began coverage on shares of Bit Digital in a report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price target for the company.

Bit Digital Stock Up 5.5%

The company has a market capitalization of $511.42 million, a PE ratio of 41.83 and a beta of 5.25. The stock’s fifty day simple moving average is $2.07 and its 200-day simple moving average is $3.03.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. Analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current year.

Institutional Trading of Bit Digital

Several large investors have recently modified their holdings of the business. Uniplan Investment Counsel Inc. boosted its position in Bit Digital by 203.8% during the first quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company’s stock worth $2,200,000 after acquiring an additional 730,766 shares during the last quarter. Millennium Management LLC boosted its position in Bit Digital by 62.6% during the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after acquiring an additional 899,967 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Bit Digital by 14.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company’s stock worth $4,306,000 after acquiring an additional 273,480 shares during the last quarter. AQR Capital Management LLC boosted its position in Bit Digital by 815.3% during the first quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock worth $409,000 after acquiring an additional 180,509 shares during the last quarter. Finally, OLD Mission Capital LLC boosted its position in Bit Digital by 112.6% during the first quarter. OLD Mission Capital LLC now owns 22,302 shares of the company’s stock worth $45,000 after acquiring an additional 11,812 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.