Bit Digital (NASDAQ:BTBT) Stock Price Down 5.2% - Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) dropped 5.2% during trading on Thursday . The stock traded as low as $3.39 and last traded at $3.41. Approximately 41,895,149 shares traded hands during mid-day trading, an increase of 103% from the average daily volume of 20,652,547 shares. The stock had previously closed at $3.59.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a "buy" rating and issued a $7.00 target price on shares of Bit Digital in a research note on Thursday, June 26th.

Bit Digital Stock Performance

The stock has a market cap of $694.41 million, a P/E ratio of -7.09 and a beta of 5.25. The stock has a 50-day moving average price of $2.51 and a 200-day moving average price of $2.60.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.05). The firm had revenue of $25.11 million during the quarter, compared to the consensus estimate of $26.38 million. Bit Digital had a negative return on equity of 10.83% and a negative net margin of 77.27%. Sell-side analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Transactions at Bit Digital

In other Bit Digital news, CEO Samir Tabar purchased 750,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was purchased at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the transaction, the chief executive officer owned 2,108,089 shares in the company, valued at $4,216,178. The trade was a 55.22% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Brock Jeffrey Pierce purchased 500,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were acquired at an average price of $2.00 per share, with a total value of $1,000,000.00. Following the transaction, the director owned 500,000 shares in the company, valued at approximately $1,000,000. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.32% of the company's stock.

Institutional Trading of Bit Digital

Large investors have recently modified their holdings of the business. OLD Mission Capital LLC purchased a new stake in Bit Digital in the fourth quarter worth approximately $31,000. Cibc World Markets Corp purchased a new stake in Bit Digital in the fourth quarter worth approximately $33,000. Cerity Partners LLC purchased a new stake in Bit Digital in the first quarter worth approximately $25,000. Wedbush Securities Inc. purchased a new stake in Bit Digital in the fourth quarter worth approximately $37,000. Finally, Orion Portfolio Solutions LLC purchased a new stake in Bit Digital in the fourth quarter worth approximately $38,000. 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.