Bit Digital (NASDAQ:BTBT) Trading Down 1.5% - Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price was down 1.5% during trading on Monday . The company traded as low as $1.78 and last traded at $1.99. Approximately 4,731,711 shares changed hands during trading, a decline of 64% from the average daily volume of 12,982,450 shares. The stock had previously closed at $2.02.

Wall Street Analysts Forecast Growth

BTBT has been the subject of several recent analyst reports. HC Wainwright restated a "buy" rating and issued a $7.00 target price on shares of Bit Digital in a research note on Monday, March 17th. Craig Hallum started coverage on Bit Digital in a research report on Tuesday, January 21st. They issued a "buy" rating and a $6.00 price objective for the company.

Bit Digital Stock Performance

The company has a market capitalization of $272.48 million, a price-to-earnings ratio of 29.58 and a beta of 6.05. The business's 50 day moving average is $2.47 and its 200 day moving average is $3.33.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly 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). The company had revenue of $26.10 million during the quarter, compared to analysts' expectations 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 prior year, the business posted ($0.16) EPS. Sell-side analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current year.

Institutional Trading of Bit Digital

Several large investors have recently added to or reduced their stakes in BTBT. Advance Capital Management Inc. acquired a new stake in shares of Bit Digital during the first quarter worth about $31,000. Two Seas Capital LP raised its position in Bit Digital by 60.6% during the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company's stock worth $1,941,000 after buying an additional 250,000 shares during the last quarter. Vident Advisory LLC lifted its stake in Bit Digital by 56.2% during the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock valued at $9,360,000 after acquiring an additional 1,149,727 shares during the period. Sherbrooke Park Advisers LLC lifted its stake in Bit Digital by 113.2% during the 4th quarter. Sherbrooke Park Advisers LLC now owns 38,457 shares of the company's stock valued at $113,000 after acquiring an additional 20,418 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in shares of Bit Digital by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 33,753 shares of the company's stock valued at $99,000 after acquiring an additional 11,107 shares during the last quarter. Hedge funds and other institutional investors own 47.70% of the company's stock.

Bit Digital Company Profile

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.