Bit Digital (NASDAQ:BTBT) Trading Down 3.5% - What's Next?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) traded down 3.5% during trading on Tuesday . The stock traded as low as $1.78 and last traded at $1.79. 3,751,709 shares were traded during trading, a decline of 72% from the average session volume of 13,261,671 shares. The stock had previously closed at $1.85.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Craig Hallum assumed coverage on Bit Digital in a report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research report on Monday, March 17th.

Bit Digital Stock Up 1.4 %

The firm has a market capitalization of $274.01 million, a PE ratio of 29.75 and a beta of 6.05. The business's fifty day moving average price is $2.31 and its 200 day moving average price is $3.26.

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

Institutional Trading of Bit Digital

A number of institutional investors have recently modified their holdings of the business. Stifel Financial Corp boosted its position in shares of Bit Digital by 31.0% during the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock worth $41,000 after purchasing an additional 3,320 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Bit Digital by 10.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock worth $132,000 after buying an additional 4,389 shares during the period. Bank of New York Mellon Corp increased its holdings in Bit Digital by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company's stock valued at $843,000 after buying an additional 6,621 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Bit Digital by 4.5% during the 4th quarter. Rhumbline Advisers now owns 156,715 shares of the company's stock valued at $459,000 after acquiring an additional 6,809 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Bit Digital by 90.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company's stock worth $46,000 after acquiring an additional 7,395 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, 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.