Bit Digital (NASDAQ:BTBT) Shares Down 6.3% Following Insider Selling

Bit Digital, Inc. (NASDAQ:BTBT) shares dropped 6.3% on Tuesday following insider selling activity. The stock traded as low as $2.10 and last traded at $2.1450. Approximately 3,039,838 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 27,413,727 shares. The stock had previously closed at $2.29.

Specifically, CFO Erke Huang sold 410,636 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $2.01, for a total value of $825,378.36. Following the completion of the transaction, the chief financial officer directly owned 1,175,000 shares in the company, valued at $2,361,750. The trade was a 25.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Erke Huang sold 1,089,364 shares of Bit Digital stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $2.18, for a total value of $2,374,813.52. Following the completion of the sale, the chief financial officer owned 1,585,636 shares of the company’s stock, valued at $3,456,686.48. The trade was a 40.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BTBT. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a report on Monday, November 17th. Northland Securities set a $5.00 price objective on Bit Digital in a research report on Monday, November 17th. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a report on Thursday. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.00.

Bit Digital Price Performance

The firm’s 50-day moving average is $3.28 and its two-hundred day moving average is $2.95. The company has a market cap of $694.28 million, a P/E ratio of 5.08 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Friday, November 14th. The company reported ($0.05) EPS for the quarter. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. The business had revenue of $30.46 million for the quarter, compared to the consensus estimate of $29.54 million. As a group, sell-side analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Bit Digital

Large investors have recently added to or reduced their stakes in the stock. Cerity Partners LLC purchased a new stake in shares of Bit Digital in the first quarter valued at approximately $25,000. Walleye Trading LLC bought a new position in shares of Bit Digital during the 2nd quarter worth $25,000. Sheets Smith Wealth Management purchased a new position in shares of Bit Digital during the third quarter valued at $30,000. Hamilton Wealth LLC bought a new stake in shares of Bit Digital in the third quarter valued at about $30,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Bit Digital by 2,892.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company’s stock worth $31,000 after acquiring an additional 14,692 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.