Bit Digital (NASDAQ:BTBT) Trading Down 5.5% – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price traded down 5.5% during mid-day trading on Tuesday . The stock traded as low as $2.49 and last traded at $2.48. 839,092 shares were traded during mid-day trading, a decline of 94% from the average session volume of 14,634,339 shares. The stock had previously closed at $2.62.

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Monday, May 19th.

Bit Digital Stock Down 7.4%

The stock has a market capitalization of $505.69 million, a price-to-earnings ratio of 40.42 and a beta of 5.36. The company’s fifty day simple moving average is $2.21 and its 200 day simple moving average is $2.77.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $25.11 million for the quarter, compared to analysts’ expectations of $26.38 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. As a group, analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Bit Digital

Several hedge funds have recently modified their holdings of BTBT. Uniplan Investment Counsel Inc. increased its position in Bit Digital by 203.8% in the 1st quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company’s stock valued at $2,200,000 after acquiring an additional 730,766 shares during the period. Millennium Management LLC increased its holdings in Bit Digital by 62.6% in the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock valued at $4,721,000 after purchasing an additional 899,967 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Bit Digital by 14.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company’s stock worth $4,306,000 after purchasing an additional 273,480 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Bit Digital by 815.3% during the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock worth $409,000 after buying an additional 180,509 shares during the period. Finally, OLD Mission Capital LLC grew its position in shares of Bit Digital by 112.6% in the 1st quarter. OLD Mission Capital LLC now owns 22,302 shares of the company’s stock valued at $45,000 after buying an additional 11,812 shares during the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

About Bit Digital

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.