Bit Digital (NASDAQ:BTBT) Shares Gap Down – Time to Sell?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) gapped down before the market opened on Monday . The stock had previously closed at $2.38, but opened at $2.22. Bit Digital shares last traded at $2.2450, with a volume of 3,309,666 shares trading hands.

Analyst Ratings Changes

Several brokerages recently weighed in on BTBT. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research note on Wednesday. Northland Securities set a $5.00 target price on Bit Digital in a report on Monday, November 17th. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a research note on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Bit Digital currently has a consensus rating of “Moderate Buy” and an average target price of $6.00.

Bit Digital Stock Down 6.9%

The stock’s 50-day simple moving average is $3.22 and its 200 day simple moving average is $2.96. The firm has a market cap of $716.94 million, a P/E ratio of 5.27 and a beta of 4.79.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Friday, November 14th. The company reported ($0.05) EPS for the quarter. The business had revenue of $30.46 million for the quarter, compared to the consensus estimate of $29.54 million. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. On average, research analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Bit Digital

In related news, CFO Erke Huang sold 410,636 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $2.01, for a total transaction of $825,378.36. Following the transaction, the chief financial officer owned 1,175,000 shares in the company, valued at $2,361,750. The trade was a 25.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bit Digital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Byrne Asset Management LLC increased its stake in Bit Digital by 22.5% during the 2nd quarter. Byrne Asset Management LLC now owns 21,492 shares of the company’s stock valued at $47,000 after purchasing an additional 3,954 shares in the last quarter. Plancorp LLC grew its holdings in shares of Bit Digital by 34.8% during the second quarter. Plancorp LLC now owns 15,500 shares of the company’s stock valued at $34,000 after buying an additional 4,000 shares during the last quarter. Kingsview Wealth Management LLC increased its position in shares of Bit Digital by 17.3% during the second quarter. Kingsview Wealth Management LLC now owns 28,295 shares of the company’s stock worth $62,000 after acquiring an additional 4,175 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Bit Digital by 2.4% in the 2nd 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 last quarter. Finally, Ethic Inc. lifted its position in Bit Digital by 31.8% in the 2nd quarter. Ethic Inc. now owns 19,644 shares of the company’s stock valued at $39,000 after acquiring an additional 4,739 shares in the last quarter. 47.70% of the stock is owned by institutional investors.

Bit Digital Company Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.