Bit Digital (NASDAQ:BTBT) Stock Price Down 9.1% – Here’s What Happened

Shares of Bit Digital, Inc. (NASDAQ:BTBT) traded down 9.1% during mid-day trading on Tuesday . The company traded as low as $1.9350 and last traded at $1.9550. 6,085,868 shares changed hands during trading, a decline of 75% from the average session volume of 23,967,484 shares. The stock had previously closed at $2.15.

Analyst Ratings Changes

Several analysts have commented on the company. Zacks Research lowered Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. Weiss Ratings lowered Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, March 30th. B. Riley Financial dropped their price target on shares of Bit Digital from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Thursday, April 2nd. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Thursday, April 2nd. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Bit Digital currently has a consensus rating of “Hold” and a consensus target price of $5.67.

Bit Digital Trading Up 4.9%

The company has a fifty day moving average of $1.58 and a 200-day moving average of $2.03. The company has a current ratio of 6.39, a quick ratio of 6.39 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $695.62 million, a price-to-earnings ratio of -3.87 and a beta of 3.95.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Thursday, May 14th. The company reported $999.00 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $999.04. Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%. As a group, equities research analysts anticipate that Bit Digital, Inc. will post -0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in Bit Digital in the 3rd quarter valued at about $2,036,000. Van ECK Associates Corp boosted its holdings in shares of Bit Digital by 47.2% during the 3rd quarter. Van ECK Associates Corp now owns 6,921,408 shares of the company’s stock worth $20,764,000 after purchasing an additional 2,220,486 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Bit Digital by 686.9% in the third quarter. JPMorgan Chase & Co. now owns 2,288,068 shares of the company’s stock valued at $6,864,000 after purchasing an additional 1,997,304 shares in the last quarter. Monashee Investment Management LLC purchased a new stake in shares of Bit Digital in the third quarter valued at approximately $4,500,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Bit Digital in the third quarter valued at approximately $2,339,000. 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.