Bit Digital (NASDAQ:BTBT) Shares Down 5.2% – What’s Next?

Bit Digital, Inc. (NASDAQ:BTBT) was down 5.2% on Monday. The company traded as low as $1.55 and last traded at $1.5450. 8,726,836 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 25,935,875 shares. The stock had previously closed at $1.63.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BTBT. HC Wainwright began coverage on shares of Bit Digital in a research report on Tuesday, September 8th. They issued a “buy” rating and a $4.00 price target for the company. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Craig Hallum reaffirmed a “buy” rating and set a $3.50 price objective on shares of Bit Digital in a research note on Tuesday, July 14th. UBS Group upgraded Bit Digital to a “buy” rating in a research note on Monday, September 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Bit Digital in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $4.38.

Bit Digital Stock Down 5.8%

The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.51 and a current ratio of 1.51. The firm has a market capitalization of $553.57 million, a price-to-earnings ratio of -1.45 and a beta of 3.84. The firm has a fifty day moving average price of $1.53 and a 200 day moving average price of $1.64.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.26). The business had revenue of $32.11 million during the quarter, compared to analysts’ expectations of $23.58 million. Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%. As a group, sell-side analysts expect that Bit Digital, Inc. will post -0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently modified their holdings of BTBT. E6 Portfolios LLC acquired a new position in shares of Bit Digital in the fourth quarter worth $28,000. CI Investments Inc. raised its stake in Bit Digital by 33.6% in the 1st quarter. CI Investments Inc. now owns 69,884 shares of the company’s stock valued at $92,000 after purchasing an additional 17,585 shares during the last quarter. Byrne Asset Management LLC lifted its holdings in Bit Digital by 25.0% in the 2nd quarter. Byrne Asset Management LLC now owns 107,100 shares of the company’s stock valued at $193,000 after purchasing an additional 21,400 shares in the last quarter. AXQ Capital LP boosted its stake in shares of Bit Digital by 60.6% during the 2nd quarter. AXQ Capital LP now owns 61,953 shares of the company’s stock worth $112,000 after purchasing an additional 23,378 shares during the last quarter. Finally, Simplify Asset Management Inc. purchased a new stake in shares of Bit Digital during the first quarter worth about $31,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Bit Digital Company Profile

Bit Digital, Inc is a digital asset infrastructure company that operates in cryptocurrency mining and blockchain technology services. The company’s primary activities include bitcoin mining and Ethereum staking, through which it seeks to earn digital assets by contributing computing power and validating transactions on applicable blockchain networks.

Bit Digital has emphasized the use of energy-efficient and environmentally responsible infrastructure for its mining operations. Its activities have included operations and hosting arrangements in North America and Iceland, supported by third-party data center and power providers.