Bit Digital (NASDAQ:BTBT) Trading Down 7.4% - What's Next?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price dropped 7.4% on Friday . The stock traded as low as $1.75 and last traded at $1.83. Approximately 3,289,940 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 12,941,416 shares. The stock had previously closed at $1.97.

Analyst Upgrades and Downgrades

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

Bit Digital Trading Down 7.5 %

The firm has a market cap of $283.99 million, a PE ratio of 30.83 and a beta of 6.05. The company has a 50-day simple moving average of $2.60 and a 200 day simple moving average of $3.38.

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 net margin of 2.75% and a negative return on equity of 5.69%. The business had revenue of $26.10 million during the quarter, compared to analyst estimates of $25.06 million. During the same period in the previous year, the business posted ($0.16) earnings per share. On average, equities analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vident Advisory LLC boosted its holdings in Bit Digital by 56.2% in the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock worth $9,360,000 after buying an additional 1,149,727 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in 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 valued at $5,127,000 after purchasing an additional 943,214 shares in the last quarter. Millennium Management LLC boosted its stake in Bit Digital by 30.1% during the 4th quarter. Millennium Management LLC now owns 1,437,250 shares of the company's stock worth $4,211,000 after purchasing an additional 332,513 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Bit Digital during the fourth quarter worth $887,000. Finally, Two Seas Capital LP lifted its stake in shares of Bit Digital by 60.6% in the fourth quarter. Two Seas Capital LP now owns 662,414 shares of the company's stock worth $1,941,000 after buying an additional 250,000 shares in the last quarter. 47.70% of the stock is 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.