Bit Digital (NASDAQ:BTBT) Shares Down 7.4% – Should You Sell?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) traded down 7.4% on Friday . The stock traded as low as $1.75 and last traded at $1.83. 3,289,940 shares were traded during trading, a decline of 75% from the average session volume of 12,941,416 shares. The stock had previously closed at $1.97.

Analyst Ratings Changes

A number of research firms have weighed in on BTBT. Craig Hallum started coverage on shares of Bit Digital in a research note on Tuesday, January 21st. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Monday, March 17th.

Bit Digital Trading Up 2.3 %

The stock’s 50-day moving average is $2.62 and its 200-day moving average is $3.39. The stock has a market cap of $309.32 million, a price-to-earnings ratio of 33.58 and a beta of 6.05.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Intech Investment Management LLC acquired a new stake in shares of Bit Digital in the third quarter valued at about $95,000. Charles Schwab Investment Management Inc. grew its position in Bit Digital by 192.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after acquiring an additional 530,411 shares in the last quarter. Stifel Financial Corp acquired a new stake in Bit Digital in the third quarter valued at approximately $38,000. State Street Corp raised its stake in shares of Bit Digital by 1.7% during the third quarter. State Street Corp now owns 5,597,517 shares of the company’s stock valued at $19,647,000 after purchasing an additional 94,762 shares during the period. Finally, XTX Topco Ltd lifted its position in shares of Bit Digital by 52.4% during the third quarter. XTX Topco Ltd now owns 146,614 shares of the company’s stock worth $515,000 after purchasing an additional 50,400 shares in the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.