Bit Digital (NASDAQ:BTBT) Shares Down 13.2% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT) dropped 13.2% on Friday . The company traded as low as $1.61 and last traded at $1.6050. Approximately 11,910,090 shares traded hands during trading, a decline of 52% from the average daily volume of 24,565,908 shares. The stock had previously closed at $1.85.

Analyst Upgrades and Downgrades

BTBT has been the subject of a number of research analyst reports. Weiss Ratings cut Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Zacks Research cut Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Thursday, April 2nd. Two research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Bit Digital has a consensus rating of “Hold” and a consensus target price of $5.67.

Bit Digital Stock Performance

The stock has a market capitalization of $572.67 million, a price-to-earnings ratio of -2.41 and a beta of 3.98. The firm has a fifty day moving average of $1.68 and a 200 day moving average of $1.88. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The company had revenue of $27.92 million for the quarter, compared to analyst estimates of $25.73 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%. On average, sell-side analysts anticipate that Bit Digital, Inc. will post -0.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Institutional investors have recently added to or reduced their stakes in the stock. Walleye Trading LLC acquired a new stake in Bit Digital during the second quarter worth $25,000. Cerity Partners LLC acquired a new stake in Bit Digital during the fourth quarter worth $26,000. nVerses Capital LLC acquired a new stake in Bit Digital during the fourth quarter worth $26,000. Marathon Capital Management acquired a new stake in Bit Digital during the fourth quarter worth $28,000. Finally, E6 Portfolios LLC acquired a new stake in Bit Digital during the fourth quarter worth $28,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.