Bit Digital (NASDAQ:BTBT) Shares Down 5.7% – Here’s Why

Shares of Bit Digital, Inc. (NASDAQ:BTBT) dropped 5.7% on Friday . The stock traded as low as $1.48 and last traded at $1.50. Approximately 5,213,951 shares traded hands during trading, a decline of 80% from the average daily volume of 25,872,010 shares. The stock had previously closed at $1.59.

Wall Street Analyst Weigh In

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

Bit Digital Price Performance

The firm has a market cap of $522.91 million, a PE ratio of -1.37 and a beta of 4.02. The stock’s fifty day moving average price is $1.59 and its 200-day moving average price is $1.66. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.51 and a quick ratio of 1.51.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Walleye Trading LLC purchased a new position in Bit Digital during the second quarter worth approximately $25,000. Cerity Partners LLC acquired a new stake in shares of Bit Digital in the 4th quarter worth $26,000. nVerses Capital LLC purchased a new position in shares of Bit Digital during the 4th quarter worth $26,000. E6 Portfolios LLC acquired a new position in shares of Bit Digital during the 4th quarter valued at about $28,000. Finally, Simplify Asset Management Inc. purchased a new stake in shares of Bit Digital in the first quarter valued at about $31,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.