Bit Digital (NASDAQ:BTBT) Stock Price Down 5.7% – Here’s What Happened

Bit Digital, Inc. (NASDAQ:BTBT)’s share price fell 5.7% on Friday . The stock traded as low as $1.48 and last traded at $1.50. Approximately 5,213,951 shares were traded during mid-day trading, a decline of 80% from the average session volume of 25,872,010 shares. The stock had previously closed at $1.59.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bit Digital in a research report on Thursday, August 13th. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $3.50 price target on shares of Bit Digital in a research note on Tuesday, July 14th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Bit Digital presently has an average rating of “Hold” and an average price target of $5.12.

Bit Digital Stock Down 8.8%

The business has a 50 day simple moving average of $1.59 and a 200 day simple moving average of $1.66. The company has a market capitalization of $522.91 million, a price-to-earnings ratio of -1.37 and a beta of 4.02. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.51 and a quick ratio of 1.51.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). The firm had revenue of $32.11 million during the quarter, compared to analyst estimates of $23.58 million. Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. As a group, equities analysts predict that Bit Digital, Inc. will post -0.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several institutional investors have recently bought and sold shares of the company. Walleye Trading LLC purchased a new stake in Bit Digital during the second quarter worth about $25,000. Mackenzie Financial Corp purchased a new position in shares of Bit Digital in the third quarter valued at approximately $34,000. WINTON GROUP Ltd acquired a new position in shares of Bit Digital in the third quarter valued at approximately $35,000. Cerity Partners LLC purchased a new stake in Bit Digital during the 4th quarter worth approximately $26,000. Finally, nVerses Capital LLC acquired a new stake in Bit Digital during the 4th quarter worth approximately $26,000. 47.70% of the stock is owned by institutional investors and hedge funds.

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.