Bit Digital (NASDAQ:BTBT) Trading Down 6.6% - Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) fell 6.6% during trading on Thursday . The stock traded as low as $1.71 and last traded at $1.78. 4,870,405 shares were traded during mid-day trading, a decline of 63% from the average session volume of 13,168,437 shares. The stock had previously closed at $1.90.

Wall Street Analysts Forecast Growth

BTBT has been the subject of several recent research reports. Craig Hallum initiated coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They issued 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, March 17th.

Bit Digital Price Performance

The firm has a market cap of $283.99 million, a price-to-earnings ratio of 30.83 and a beta of 6.05. The company has a 50 day moving average of $2.44 and a 200 day moving average of $3.31.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its earnings results on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $25.06 million. During the same period in the prior year, the business earned ($0.16) EPS. As a group, equities research analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

A number of large investors have recently bought and sold shares of BTBT. State Street Corp boosted its position in Bit Digital by 1.7% during the 3rd quarter. State Street Corp now owns 5,597,517 shares of the company's stock valued at $19,647,000 after purchasing an additional 94,762 shares during the period. Vident Advisory LLC boosted its holdings in shares of Bit Digital by 56.2% during the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock valued at $9,360,000 after acquiring an additional 1,149,727 shares during the period. Geode Capital Management LLC grew its position in shares of Bit Digital by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company's stock worth $8,512,000 after acquiring an additional 42,375 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Bit Digital by 116.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company's stock worth $5,127,000 after acquiring an additional 943,214 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Bit Digital by 30.1% in the 4th quarter. Millennium Management LLC now owns 1,437,250 shares of the company's stock worth $4,211,000 after acquiring an additional 332,513 shares during the period. Institutional investors own 47.70% of the company's stock.

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.