Bit Digital (NASDAQ:BTBT) Stock Price Down 5% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT) fell 5% during trading on Friday . The stock traded as low as $1.47 and last traded at $1.5150. Approximately 23,687,760 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 25,396,115 shares. The stock had previously closed at $1.5950.

Analyst Ratings Changes

BTBT has been the subject of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bit Digital in a report on Thursday, August 13th. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Craig Hallum restated a “buy” rating and set a $3.50 price objective on shares of Bit Digital in a research report on Tuesday, July 14th. Finally, B. Riley Financial restated a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.12.

Bit Digital Price Performance

The company has a market capitalization of $551.76 million, a price-to-earnings ratio of -1.44 and a beta of 4.02. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.51 and a quick ratio of 1.51. The business has a fifty day moving average price of $1.62 and a 200 day moving average price of $1.67.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). The company had revenue of $32.11 million for the quarter, compared to the consensus estimate of $23.58 million. Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. On average, research analysts expect that Bit Digital, Inc. will post -0.56 earnings per share for the current fiscal year.

Institutional Trading of Bit Digital

A number of institutional investors have recently made changes to their positions in BTBT. Allspring Global Investments Holdings LLC acquired a new stake in Bit Digital in the first quarter worth approximately $8,004,000. Renaissance Technologies LLC boosted its stake in Bit Digital by 114.8% during the 1st quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock valued at $9,641,000 after purchasing an additional 3,932,900 shares in the last quarter. Pictet Asset Management Holding SA increased its position in shares of Bit Digital by 524.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 597,032 shares of the company’s stock valued at $1,128,000 after purchasing an additional 501,423 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Bit Digital by 61.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 691,923 shares of the company’s stock valued at $1,412,000 after purchasing an additional 262,717 shares during the period. Finally, KBC Group NV bought a new stake in shares of Bit Digital in the 1st quarter worth $672,000. 47.70% of the stock is 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.