Bit Digital (NASDAQ:BTBT) Trading Down 1.7% - Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price traded down 1.7% on Monday . The stock traded as low as $2.03 and last traded at $2.06. 3,699,384 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 13,475,396 shares. The stock had previously closed at $2.09.

Analyst Upgrades and Downgrades

BTBT has been the topic of a number of analyst reports. Craig Hallum began coverage on Bit Digital in a research report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price objective on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price target on shares of Bit Digital in a research note on Monday, April 21st.

Bit Digital Trading Up 1.9 %

The stock has a market capitalization of $385.62 million, a price-to-earnings ratio of 35.17 and a beta of 6.05. The firm's fifty day moving average price is $2.14 and its 200 day moving average price is $3.18.

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

Hedge Funds Weigh In On Bit Digital

Several institutional investors have recently bought and sold shares of BTBT. Cerity Partners LLC purchased a new position in Bit Digital in the first quarter valued at $25,000. OLD Mission Capital LLC acquired a new stake in shares of Bit Digital in the fourth quarter valued at approximately $31,000. Advance Capital Management Inc. purchased a new position in Bit Digital during the 1st quarter worth $31,000. Cibc World Markets Corp purchased a new position in shares of Bit Digital during the fourth quarter worth about $33,000. Finally, Byrne Asset Management LLC grew its stake in shares of Bit Digital by 207.7% in the 1st quarter. Byrne Asset Management LLC now owns 17,538 shares of the company's stock valued at $35,000 after purchasing an additional 11,838 shares during the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

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.