Bit Digital (NASDAQ:BTBT) Stock Price Down 6.6% – Here’s What Happened

Bit Digital, Inc. (NASDAQ:BTBT) traded down 6.6% during mid-day trading on Monday . The company traded as low as $1.71 and last traded at $1.6850. 2,931,041 shares changed hands during trading, a decline of 88% from the average session volume of 24,445,318 shares. The stock had previously closed at $1.8050.

Analyst Upgrades and Downgrades

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

Bit Digital Price Performance

The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average is $1.59 and its two-hundred day moving average is $1.98. The company has a market capitalization of $604.10 million, a P/E ratio of -3.15 and a beta of 3.95.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.41). Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%.The business had revenue of $27.92 million during the quarter, compared to analysts’ expectations of $25.73 million. As a group, analysts predict that Bit Digital, Inc. will post -0.12 earnings per share for the current year.

Institutional Investors Weigh In On Bit Digital

Large investors have recently made changes to their positions in the business. Walleye Trading LLC bought a new stake in Bit Digital in the second quarter worth about $25,000. Cerity Partners LLC bought a new stake in Bit Digital in the fourth quarter worth about $26,000. nVerses Capital LLC bought a new stake in Bit Digital in the fourth quarter worth about $26,000. Marathon Capital Management bought a new stake in Bit Digital in the fourth quarter worth about $28,000. Finally, E6 Portfolios LLC bought a new stake in Bit Digital in the fourth quarter worth about $28,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.