Bit Digital (NASDAQ:BTBT) Stock Price Down 7.2% – Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT) was down 7.2% on Wednesday . The company traded as low as $1.95 and last traded at $1.9850. 7,194,656 shares were traded during trading, a decline of 71% from the average daily volume of 25,151,254 shares. The stock had previously closed at $2.14.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BTBT. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Thursday, April 2nd. Weiss Ratings downgraded shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. Wall Street Zen cut shares of Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the 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 current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. The stock has a 50 day simple moving average of $1.84 and a 200 day simple moving average of $1.85. The firm has a market capitalization of $673.94 million, a PE ratio of -2.84 and a beta of 3.98.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. The company had revenue of $27.92 million for the quarter, compared to analysts’ expectations of $25.73 million. As a group, sell-side analysts forecast that Bit Digital, Inc. will post -0.39 earnings per share for the current year.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently modified their holdings of the company. Walleye Trading LLC purchased a new stake in shares of Bit Digital during the second quarter worth about $25,000. Cerity Partners LLC purchased a new position in Bit Digital during the 4th quarter valued at about $26,000. nVerses Capital LLC bought a new position in Bit Digital during the 4th quarter valued at approximately $26,000. Marathon Capital Management bought a new position in Bit Digital during the 4th quarter valued at approximately $28,000. Finally, E6 Portfolios LLC purchased a new stake in Bit Digital in the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.