Bit Digital (NASDAQ:BTBT) Shares Down 7.2% – Here’s What Happened

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price fell 7.2% on Wednesday . The stock traded as low as $1.95 and last traded at $1.9850. Approximately 7,194,656 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 25,151,254 shares. The stock had previously closed at $2.14.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BTBT. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Thursday, April 2nd. Weiss Ratings downgraded Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Bit Digital currently has a consensus rating of “Hold” and a consensus price target of $5.67.

Bit Digital Stock Performance

The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36. The company has a market capitalization of $693.14 million, a PE ratio of -2.93 and a beta of 3.98. The stock has a 50-day simple moving average of $1.82 and a 200 day simple moving average of $1.85.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The firm had revenue of $27.92 million for the quarter, compared to analyst estimates of $25.73 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%. Equities analysts anticipate that Bit Digital, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Hamilton Wealth LLC purchased a new stake in Bit Digital in the 3rd quarter valued at approximately $30,000. Rafferty Asset Management LLC purchased a new position in Bit Digital during the third quarter worth $33,000. Walleye Trading LLC purchased a new position in Bit Digital during the second quarter worth $25,000. Mackenzie Financial Corp acquired a new position in shares of Bit Digital in the third quarter worth $34,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Bit Digital in the third quarter worth $35,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Bit Digital Company Profile

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.