Bit Digital (NASDAQ:BTBT) Trading Down 3.2% - Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price dropped 3.2% during mid-day trading on Wednesday . The stock traded as low as $1.92 and last traded at $1.97. Approximately 2,500,478 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 13,471,483 shares. The stock had previously closed at $2.03.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BTBT shares. HC Wainwright reaffirmed a "buy" rating and set a $7.00 target price on shares of Bit Digital in a research report on Monday, April 21st. Craig Hallum initiated coverage on Bit Digital in a report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price objective on the stock.

Bit Digital Stock Performance

The stock has a market cap of $392.02 million, a P/E ratio of 35.58 and a beta of 6.05. The firm's 50 day moving average is $2.14 and its 200 day moving average is $3.18.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings data on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate 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 net margin of 2.75% and a negative return on equity of 5.69%. During the same period in the previous year, the business earned ($0.16) earnings per share. As a group, analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Several hedge funds have recently made changes to their positions in the company. Vident Advisory LLC boosted its holdings in shares of Bit Digital by 56.2% in 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 last quarter. Geode Capital Management LLC grew its position in Bit Digital by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company's stock valued at $8,512,000 after buying an additional 42,375 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Bit Digital by 116.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company's stock valued at $5,127,000 after buying an additional 943,214 shares in the last quarter. Millennium Management LLC raised its position in shares of Bit Digital by 30.1% in the fourth quarter. Millennium Management LLC now owns 1,437,250 shares of the company's stock worth $4,211,000 after acquiring an additional 332,513 shares during the period. Finally, Exchange Traded Concepts LLC increased its stake in shares of Bit Digital by 2.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 935,629 shares of the company's stock valued at $2,741,000 after purchasing an additional 25,592 shares in the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

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.