Bit Digital (NASDAQ:BTBT) Shares Down 3.5% – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price dropped 3.5% during trading on Tuesday . The stock traded as low as $1.78 and last traded at $1.79. 3,751,709 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 13,261,671 shares. The stock had previously closed at $1.85.

Wall Street Analysts Forecast Growth

BTBT has been the subject of several analyst reports. 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. Craig Hallum started 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 Stock Down 6.8 %

The company has a market capitalization of $264.80 million, a price-to-earnings ratio of 28.75 and a beta of 6.05. The firm has a 50 day moving average price of $2.42 and a two-hundred day moving average price of $3.30.

Bit Digital (NASDAQ:BTBT) last issued 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 for the quarter, compared to analyst estimates of $25.06 million. During the same quarter last year, the business earned ($0.16) EPS. Analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. OLD Mission Capital LLC acquired a new stake in shares of Bit Digital in the 4th quarter valued at about $31,000. Stifel Financial Corp bought a new position in Bit Digital during the 3rd quarter worth approximately $38,000. Cibc World Markets Corp acquired a new position in shares of Bit Digital in the 4th quarter worth approximately $33,000. Wedbush Securities Inc. bought a new stake in shares of Bit Digital in the 4th quarter valued at approximately $37,000. Finally, Orion Portfolio Solutions LLC acquired a new stake in shares of Bit Digital during the 4th quarter valued at approximately $38,000. 47.70% of the stock is currently owned by 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.