Bit Digital (NASDAQ:BTBT) Stock Price Down 4.7% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT) fell 4.7% on Friday. The company traded as low as $1.73 and last traded at $1.7050. Approximately 1,819,706 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 26,151,789 shares. The stock had previously closed at $1.79.

Wall Street Analyst Weigh In

BTBT has been the topic of a number of recent research reports. Weiss Ratings restated 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 report on Friday, July 17th. Craig Hallum restated a “buy” rating and set a $3.50 target price on shares of Bit Digital in a research note on Tuesday, July 14th. Finally, HC Wainwright initiated coverage on Bit Digital in a research report on Tuesday, September 8th. They issued a “buy” rating and a $4.00 target price for the company. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.38.

Bit Digital Trading Down 2.5%

The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69. The business has a 50 day simple moving average of $1.51 and a two-hundred day simple moving average of $1.64. The company has a market cap of $629.30 million, a PE ratio of -1.64 and a beta of 3.97.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). The firm had revenue of $32.11 million for the quarter, compared to analysts’ expectations of $23.58 million. Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. On average, analysts forecast that Bit Digital, Inc. will post -0.19 EPS for the current fiscal year.

Institutional Trading of Bit Digital

Several institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Bit Digital in the 1st quarter worth about $8,004,000. Renaissance Technologies LLC raised its stake in Bit Digital by 114.8% during the first quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after acquiring an additional 3,932,900 shares during the period. Tidal Investments LLC raised its stake in Bit Digital by 186.8% during the second quarter. Tidal Investments LLC now owns 1,758,186 shares of the company’s stock worth $3,165,000 after acquiring an additional 1,145,092 shares during the period. KBC Group NV bought a new stake in shares of Bit Digital in the 1st quarter worth approximately $672,000. Finally, Lazard Asset Management LLC grew its position in shares of Bit Digital by 30.6% during the first quarter. Lazard Asset Management LLC now owns 1,780,543 shares of the company’s stock worth $2,333,000 after acquiring an additional 417,501 shares during the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

About Bit Digital

Bit Digital, Inc (NASDAQ:BTBT) is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.

In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.

Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.