Bit Digital (NASDAQ:BTBT) Trading Down 3.6% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price dropped 3.6% during mid-day trading on Wednesday . The stock traded as low as $3.58 and last traded at $3.57. Approximately 1,183,355 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 15,383,881 shares. The stock had previously closed at $3.70.

Analyst Ratings Changes

BTBT has been the topic of several recent research reports. Craig Hallum initiated coverage on Bit Digital in a research report on Tuesday. They set a “buy” rating and a $6.00 price target on the stock. B. Riley initiated coverage on Bit Digital in a research note on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a report on Tuesday, November 19th.

Bit Digital Trading Up 1.1 %

The stock has a 50-day simple moving average of $3.84 and a 200 day simple moving average of $3.62. The stock has a market capitalization of $566.45 million, a price-to-earnings ratio of 61.50 and a beta of 4.89.

Institutional Investors Weigh In On Bit Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTBT. Crescent Grove Advisors LLC acquired a new stake in Bit Digital in the 3rd quarter worth $35,000. Creative Planning acquired a new position in Bit Digital in the third quarter valued at about $37,000. Stifel Financial Corp acquired a new stake in Bit Digital during the 3rd quarter valued at $38,000. Ballentine Partners LLC bought a new position in shares of Bit Digital in the fourth quarter valued at about $40,000. Finally, Sei Investments Co. bought a new position in Bit Digital in the 2nd quarter worth approximately $51,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Bit Digital Company Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.