Bit Digital (NASDAQ:BTBT) Shares Down 0.3% – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price traded down 0.3% on Wednesday . The stock traded as low as $1.71 and last traded at $1.76. 1,975,099 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 13,266,434 shares. The stock had previously closed at $1.76.

Analyst Ratings Changes

A number of equities analysts recently commented on BTBT shares. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Monday, March 17th. Craig Hallum initiated coverage on Bit Digital in a report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price target for the company.

Bit Digital Price Performance

The company has a 50 day moving average price of $2.34 and a 200 day moving average price of $3.27. The firm has a market cap of $274.01 million, a PE ratio of 29.75 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The business had revenue of $26.10 million during the quarter, compared to analysts’ expectations of $25.06 million. During the same period in the prior year, the firm posted ($0.16) EPS. On average, equities analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of large investors have recently added to or reduced their stakes in BTBT. Vident Advisory LLC grew its position in shares of Bit Digital by 56.2% in the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock valued at $9,360,000 after purchasing an additional 1,149,727 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Bit Digital by 116.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company’s stock valued at $5,127,000 after buying an additional 943,214 shares in the last quarter. Millennium Management LLC grew its holdings in Bit Digital by 30.1% during the 4th quarter. Millennium Management LLC now owns 1,437,250 shares of the company’s stock valued at $4,211,000 after buying an additional 332,513 shares during the last quarter. Jump Financial LLC purchased a new position in Bit Digital during the fourth quarter worth $887,000. Finally, Two Seas Capital LP raised its holdings in shares of Bit Digital by 60.6% in the fourth quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock worth $1,941,000 after acquiring an additional 250,000 shares during the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

About Bit Digital

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.