Bit Digital (NASDAQ:BTBT) Shares Gap Down – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT) gapped down prior to trading on Friday . The stock had previously closed at $2.13, but opened at $1.96. Bit Digital shares last traded at $1.7850, with a volume of 5,666,574 shares.

Analyst Ratings Changes

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

Bit Digital Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 6.39 and a quick ratio of 6.39. The stock’s fifty day moving average price is $1.59 and its 200-day moving average price is $2.02. The firm has a market cap of $573.14 million, a PE ratio of -3.21 and a beta of 3.95.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Friday, March 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). Bit Digital had a negative net margin of 70.70% and a negative return on equity of 5.39%. The firm had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. As a group, equities analysts expect that Bit Digital, Inc. will post -0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds have recently modified their holdings of the company. American Century Companies Inc. grew its position in Bit Digital by 2.4% in the second quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock worth $402,000 after acquiring an additional 4,374 shares during the period. Legal & General Group Plc increased its stake in Bit Digital by 60.2% during the second quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock worth $36,000 after acquiring an additional 6,206 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in Bit Digital by 43.5% during the third quarter. Ameritas Investment Partners Inc. now owns 26,584 shares of the company’s stock worth $80,000 after acquiring an additional 8,060 shares during the last quarter. Mackenzie Financial Corp increased its stake in Bit Digital by 75.4% during the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock worth $39,000 after acquiring an additional 8,630 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Bit Digital by 78.9% during the third quarter. Principal Financial Group Inc. now owns 22,227 shares of the company’s stock worth $67,000 after acquiring an additional 9,803 shares during the last quarter. 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.