Bit Digital (NASDAQ:BTBT) Shares Down 1.7% - What's Next?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price dropped 1.7% during mid-day trading on Monday . The company traded as low as $2.03 and last traded at $2.06. Approximately 3,699,384 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 13,475,396 shares. The stock had previously closed at $2.09.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Craig Hallum started 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 for the company. HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of Bit Digital in a report on Monday, April 21st.

Bit Digital Price Performance

The company has a market cap of $374.65 million, a price-to-earnings ratio of 34.08 and a beta of 6.05. The firm's 50-day moving average price is $2.20 and its 200-day moving average price is $3.22.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its quarterly earnings data on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.07). The company had revenue of $26.10 million for the quarter, compared to analyst estimates of $25.06 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. During the same quarter in the prior year, the firm earned ($0.16) EPS. On average, sell-side analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Trading of Bit Digital

Hedge funds and other institutional investors have recently modified their holdings of the business. HBK Sorce Advisory LLC bought a new stake in shares of Bit Digital in the first quarter worth $49,000. Byrne Asset Management LLC lifted its position in shares of Bit Digital by 207.7% during the first quarter. Byrne Asset Management LLC now owns 17,538 shares of the company's stock worth $35,000 after purchasing an additional 11,838 shares during the last quarter. Farther Finance Advisors LLC grew its stake in Bit Digital by 48.7% in the first quarter. Farther Finance Advisors LLC now owns 36,596 shares of the company's stock worth $78,000 after purchasing an additional 11,983 shares in the last quarter. Advance Capital Management Inc. bought a new stake in Bit Digital in the first quarter valued at about $31,000. Finally, Two Seas Capital LP raised its stake in Bit Digital by 60.6% during the fourth quarter. Two Seas Capital LP now owns 662,414 shares of the company's stock valued at $1,941,000 after buying an additional 250,000 shares in the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.

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