Bit Digital (NASDAQ:BTBT) Shares Down 6.6% – What’s Next?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) dropped 6.6% during mid-day trading on Thursday . The company traded as low as $1.71 and last traded at $1.78. Approximately 4,870,405 shares traded hands during trading, a decline of 63% from the average daily volume of 13,168,437 shares. The stock had previously closed at $1.90.

Analysts Set New Price Targets

BTBT has been the subject of a number of recent analyst reports. Craig Hallum assumed coverage on shares of Bit Digital in a research note on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price objective for the company. 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 Price Performance

The firm’s fifty day moving average is $2.50 and its 200 day moving average is $3.34. The firm has a market capitalization of $269.41 million, a price-to-earnings ratio of 29.42 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share (EPS) 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 company had revenue of $26.10 million for the quarter, compared to analyst estimates of $25.06 million. During the same period last year, the business earned ($0.16) EPS. Equities research analysts forecast that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. OLD Mission Capital LLC bought a new position in shares of Bit Digital during the 4th quarter valued at $31,000. Advance Capital Management Inc. bought a new stake in Bit Digital in the first quarter worth $31,000. Cibc World Markets Corp acquired a new position in Bit Digital during the fourth quarter worth $33,000. Wedbush Securities Inc. bought a new position in Bit Digital during the fourth quarter valued at about $37,000. Finally, Stifel Financial Corp acquired a new stake in shares of Bit Digital in the third quarter worth about $38,000. Institutional investors own 47.70% of the company’s stock.

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.