Bit Digital (NASDAQ:BTBT) Trading Down 0.3% - What's Next?

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) traded down 0.3% during mid-day trading on Wednesday . The company traded as low as $1.71 and last traded at $1.76. 1,975,099 shares were traded during trading, a decline of 85% from the average session volume of 13,266,434 shares. The stock had previously closed at $1.76.

Analysts Set New Price Targets

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

Bit Digital Stock Performance

The business has a fifty day simple moving average of $2.31 and a 200 day simple moving average of $3.26. The stock has a market cap of $274.01 million, a price-to-earnings ratio of 29.75 and a beta of 6.05.

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

Institutional Trading of Bit Digital

A number of hedge funds have recently bought and sold shares of BTBT. Stifel Financial Corp acquired a new position in Bit Digital in the 3rd quarter valued at $38,000. SG Americas Securities LLC increased its stake in Bit Digital by 427.6% in the fourth quarter. SG Americas Securities LLC now owns 219,520 shares of the company's stock valued at $643,000 after purchasing an additional 177,911 shares during the last quarter. Geode Capital Management LLC lifted its position in 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 buying an additional 42,375 shares during the period. Barclays PLC boosted its stake in Bit Digital by 81.4% in the 3rd quarter. Barclays PLC now owns 235,106 shares of the company's stock worth $826,000 after buying an additional 105,484 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Bit Digital in the 4th quarter valued at about $378,000. Institutional investors and hedge funds 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.