Bit Digital (NASDAQ:BTBT) Trading Down 5.7% - What's Next?

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) traded down 5.7% during trading on Tuesday . The stock traded as low as $3.61 and last traded at $3.66. 5,841,025 shares traded hands during trading, a decline of 61% from the average session volume of 15,063,979 shares. The stock had previously closed at $3.88.

Analysts Set New Price Targets

Several analysts have weighed in on BTBT shares. HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of Bit Digital in a research note on Tuesday, November 19th. B. Riley initiated coverage on Bit Digital in a research note on Thursday, October 24th. They issued a "buy" rating and a $6.00 target price for the company.

Bit Digital Trading Down 6.7 %

The company has a market capitalization of $555.70 million, a P/E ratio of 60.33 and a beta of 4.89. The stock's fifty day moving average is $4.03 and its 200 day moving average is $3.59.

Institutional Trading of Bit Digital

A number of institutional investors have recently modified their holdings of the company. Tidal Investments LLC raised its position in Bit Digital by 22.0% during the 3rd quarter. Tidal Investments LLC now owns 45,800 shares of the company's stock valued at $161,000 after purchasing an additional 8,250 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Bit Digital during the third quarter valued at approximately $425,000. Barclays PLC raised its holdings in shares of Bit Digital by 81.4% during the third quarter. Barclays PLC now owns 235,106 shares of the company's stock valued at $826,000 after acquiring an additional 105,484 shares in the last quarter. Geode Capital Management LLC lifted its stake in Bit Digital by 1.8% in 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 period. Finally, XTX Topco Ltd boosted its holdings in Bit Digital by 52.4% in the third quarter. XTX Topco Ltd now owns 146,614 shares of the company's stock valued at $515,000 after acquiring an additional 50,400 shares in the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

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.