Bit Digital (NASDAQ:BTBT) Reaches New 52-Week Low – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT) reached a new 52-week low during trading on Thursday . The company traded as low as $1.5950 and last traded at $1.5750, with a volume of 7320457 shares trading hands. The stock had previously closed at $1.77.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on BTBT shares. Northland Securities set a $5.00 price target on Bit Digital in a report on Monday, November 17th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a report on Monday, November 17th. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research note on Friday, January 23rd. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, January 19th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research report on Monday, December 29th. 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.com, the stock currently has an average rating of “Hold” and a consensus target price of $6.00.

Bit Digital Trading Down 8.2%

The firm has a market cap of $525.96 million, a PE ratio of 3.87 and a beta of 3.94. The company has a 50 day moving average price of $2.17 and a 200 day moving average price of $2.77.

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

Insider Activity at Bit Digital

In related news, CFO Erke Huang sold 410,636 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $2.01, for a total value of $825,378.36. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors have recently modified their holdings of BTBT. Allspring Global Investments Holdings LLC acquired a new stake in shares of Bit Digital in the second quarter worth approximately $7,512,000. SG Americas Securities LLC purchased a new position in Bit Digital during the third quarter worth approximately $2,036,000. Geode Capital Management LLC boosted its holdings in shares of Bit Digital by 24.2% in the 2nd quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company’s stock valued at $7,853,000 after purchasing an additional 699,134 shares during the last quarter. Diametric Capital LP acquired a new position in shares of Bit Digital in the 2nd quarter valued at $1,145,000. Finally, Zweig DiMenna Associates LLC purchased a new stake in shares of Bit Digital during the 2nd quarter valued at $1,983,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.