Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price dropped 10% during mid-day trading on Thursday . The stock traded as low as $1.96 and last traded at $1.97. Approximately 3,448,206 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 12,922,853 shares. The stock had previously closed at $2.19.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on BTBT. Craig Hallum initiated coverage on shares of Bit Digital in a research 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 report on Monday, March 17th.
Get Our Latest Research Report on Bit Digital
Bit Digital Price Performance
The company has a market cap of $307.02 million, a P/E ratio of 33.33 and a beta of 6.05. The stock's 50-day moving average is $2.62 and its two-hundred day moving average is $3.39.
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 the consensus estimate of ($0.04) by ($0.07). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The firm had revenue of $26.10 million during the quarter, compared to the consensus estimate of $25.06 million. During the same period in the previous year, the firm earned ($0.16) EPS. On average, analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current year.
Hedge Funds Weigh In On Bit Digital
Several institutional investors have recently made changes to their positions in BTBT. OLD Mission Capital LLC purchased a new stake in Bit Digital during the fourth quarter valued at approximately $31,000. Stifel Financial Corp bought a new stake in Bit Digital during the third quarter valued at about $38,000. Cibc World Markets Corp purchased a new stake in Bit Digital in the fourth quarter worth about $33,000. Wedbush Securities Inc. bought a new position in shares of Bit Digital in the fourth quarter worth about $37,000. Finally, Orion Portfolio Solutions LLC purchased a new position in shares of Bit Digital during the 4th quarter valued at about $38,000. Institutional investors own 47.70% of the company's stock.
Bit Digital Company Profile
(
Get Free Report)
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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