Bit Digital (NASDAQ:BTBT) Stock Price Down 5% - Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price traded down 5% on Monday . The stock traded as low as $1.94 and last traded at $2.00. 4,496,998 shares were traded during mid-day trading, a decline of 65% from the average session volume of 12,875,223 shares. The stock had previously closed at $2.10.

Analyst Ratings Changes

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

Bit Digital Stock Performance

The business has a 50-day moving average of $2.72 and a 200 day moving average of $3.40. The stock has a market cap of $336.18 million, a PE ratio of 36.50 and a beta of 5.13.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings data on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates 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 earned ($0.16) EPS. Equities analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

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Hedge Funds Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently modified their holdings of BTBT. Stifel Financial Corp raised its stake in shares of Bit Digital by 31.0% in the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock valued at $41,000 after acquiring an additional 3,320 shares during the period. Price T Rowe Associates Inc. MD raised its position in Bit Digital by 10.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock valued at $132,000 after purchasing an additional 4,389 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Bit Digital by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company's stock worth $843,000 after purchasing an additional 6,621 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Bit Digital by 4.5% in the fourth quarter. Rhumbline Advisers now owns 156,715 shares of the company's stock worth $459,000 after buying an additional 6,809 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Bit Digital by 90.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company's stock worth $46,000 after buying an additional 7,395 shares during the period. 47.70% of the stock is 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.