Bit Digital (NASDAQ:BTBT) Shares Down 4.1% - Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price was down 4.1% during trading on Thursday . The company traded as low as $3.54 and last traded at $3.54. Approximately 1,092,352 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 14,964,692 shares. The stock had previously closed at $3.69.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BTBT. B. Riley assumed coverage on shares of Bit Digital in a research report on Thursday, October 24th. They set a "buy" rating and a $6.00 target price on the stock. HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of Bit Digital in a research report on Tuesday, November 19th.

Bit Digital Stock Performance

The stock has a market cap of $564.92 million, a P/E ratio of 61.33 and a beta of 4.89. The company's fifty day moving average price is $3.95 and its 200-day moving average price is $3.62.

Institutional Investors Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its position in Bit Digital by 192.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company's stock valued at $2,831,000 after acquiring an additional 530,411 shares during the last quarter. Stifel Financial Corp purchased a new position in Bit Digital in the 3rd quarter worth about $38,000. Squarepoint Ops LLC bought a new stake in Bit Digital during the 2nd quarter valued at about $2,126,000. Segall Bryant & Hamill LLC purchased a new stake in Bit Digital in the 3rd quarter valued at about $1,222,000. Finally, Millennium Management LLC grew its stake in Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company's stock worth $8,225,000 after acquiring an additional 1,033,767 shares in the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

About Bit Digital

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.