Bit Digital (NASDAQ:BTBT) Stock Price Down 7.2% – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT)’s share price dropped 7.2% during mid-day trading on Wednesday . The company traded as low as $1.95 and last traded at $1.9850. 7,194,656 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 25,151,254 shares. The stock had previously closed at $2.14.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in 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. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Thursday, April 2nd. Zacks Research cut Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, April 6th. B. Riley Financial reissued a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. Finally, Weiss Ratings cut Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Two analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Bit Digital presently has a consensus rating of “Hold” and a consensus price target of $5.67.

Bit Digital Price Performance

The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $693.14 million, a PE ratio of -2.93 and a beta of 3.98. The company has a fifty day moving average price of $1.82 and a two-hundred day moving average price of $1.85.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). The firm had revenue of $27.92 million during the quarter, compared to analysts’ expectations of $25.73 million. Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. Sell-side analysts forecast that Bit Digital, Inc. will post -0.39 earnings per share for the current year.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp lifted its position in 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 acquiring an additional 2,220,486 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Bit Digital by 686.9% during the third quarter. JPMorgan Chase & Co. now owns 2,288,068 shares of the company’s stock worth $6,864,000 after purchasing an additional 1,997,304 shares during the period. Monashee Investment Management LLC purchased a new position in Bit Digital in the 3rd quarter valued at $4,500,000. Quantbot Technologies LP purchased a new position in Bit Digital in the 3rd quarter valued at $2,339,000. Finally, Pictet Asset Management Holding SA increased its stake in Bit Digital by 524.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 597,032 shares of the company’s stock valued at $1,128,000 after buying an additional 501,423 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

Bit Digital Company Profile

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.