Bit Digital (NASDAQ:BTBT) Reaches New 1-Year Low - What's Next?

Key Points

• Bit Digital (NASDAQ: BTBT) sank to a new 52-week low of $1.42 and last traded at $1.44 on heavy volume of about 17.5 million shares, down from a $1.59 close.
• Analyst sentiment is mixed but cautious: the consensus rating is Hold with an average price target of $6.00, while recent reports include both a downgrade to "sell" and upgrades to "hold."
• The company has a market cap of $466.1M, a low P/E of 3.43 and high volatility (beta 4.00); about 47.7% of shares are held by institutions, with Invesco notably boosting its stake to over 10.49 million shares.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price reached a new 52-week low on Thursday . The company traded as low as $1.42 and last traded at $1.44, with a volume of 17466563 shares changing hands. The stock had previously closed at $1.59.

Wall Street Analysts Forecast Growth

BTBT has been the topic of several recent research reports. Weiss Ratings reissued a "hold (c)" rating on shares of Bit Digital in a research note on Monday, December 29th. Wall Street Zen downgraded shares of Bit Digital from a "hold" rating to a "sell" rating in a report on Saturday, March 7th. Finally, Zacks Research upgraded shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 17th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $6.00.

Bit Digital Stock Performance

The firm has a market capitalization of $466.08 million, a price-to-earnings ratio of 3.43 and a beta of 4.00. The firm has a fifty day moving average price of $1.80 and a 200 day moving average price of $2.46.

Institutional Investors Weigh In On Bit Digital

Institutional investors have recently made changes to their positions in the stock. J. Derek Lewis & Associates Inc. acquired a new position in shares of Bit Digital during the 4th quarter worth $578,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Bit Digital in the 4th quarter valued at about $273,000. Invesco Ltd. lifted its stake in shares of Bit Digital by 18.0% in the fourth quarter. Invesco Ltd. now owns 10,492,680 shares of the company's stock valued at $19,831,000 after purchasing an additional 1,604,011 shares during the period. Vident Advisory LLC boosted its holdings in Bit Digital by 9.7% during the fourth quarter. Vident Advisory LLC now owns 1,229,756 shares of the company's stock worth $2,324,000 after buying an additional 108,387 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Bit Digital by 75.4% during the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company's stock worth $39,000 after buying an additional 8,630 shares in the last quarter. 47.70% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.