Bit Digital (NASDAQ:BTBT) Shares Gap Down After Analyst Downgrade

Shares of Bit Digital, Inc. (NASDAQ:BTBT) gapped down prior to trading on Tuesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock had previously closed at $2.37, but opened at $2.23. Bit Digital shares last traded at $2.2150, with a volume of 4,743,131 shares.

Several other brokerages have also commented on BTBT. HC Wainwright restated a “buy” rating and issued a $7.00 price objective 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. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research report on Monday, December 29th. Finally, Wall Street Zen upgraded Bit Digital from a “sell” rating to a “hold” rating in a research note on Saturday, December 27th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $6.00.

Insider Buying and Selling at Bit Digital

In other Bit Digital news, CFO Erke Huang sold 1,089,364 shares of Bit Digital stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $2.18, for a total transaction of $2,374,813.52. Following the completion of the transaction, the chief financial officer owned 1,585,636 shares in the company, valued at approximately $3,456,686.48. The trade was a 40.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds have recently bought and sold shares of BTBT. Walleye Trading LLC purchased a new stake in shares of Bit Digital during the second quarter valued at approximately $25,000. Sheets Smith Wealth Management bought a new position in Bit Digital in the 3rd quarter valued at approximately $30,000. Hamilton Wealth LLC purchased a new stake in Bit Digital during the 3rd quarter valued at $30,000. LCM Capital Management Inc bought a new stake in shares of Bit Digital in the 3rd quarter worth $33,000. Finally, Rafferty Asset Management LLC bought a new stake in shares of Bit Digital in the 3rd quarter worth $33,000. Institutional investors own 47.70% of the company’s stock.

Bit Digital Price Performance

The stock has a market cap of $682.94 million, a PE ratio of 5.02 and a beta of 3.94. The company has a 50 day moving average price of $2.21 and a two-hundred day moving average price of $2.87.

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

About Bit Digital

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.