Bit Digital (NASDAQ:BTBT) Shares Down 5.2% - Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price was down 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 changed hands during trading, an increase of 103% from the average daily volume of 20,652,547 shares. The stock had previously closed at $3.59.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a "buy" rating and set a $7.00 target price on shares of Bit Digital in a report on Thursday, June 26th.

Bit Digital Stock Performance

The firm's fifty day simple moving average is $2.46 and its 200 day simple moving average is $2.60. The stock has a market capitalization of $718.39 million, a price-to-earnings ratio of -7.33 and a beta of 5.25.

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

Insider Activity

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BTBT. Cerity Partners LLC acquired a new stake in Bit Digital in the 1st quarter valued at $25,000. OLD Mission Capital LLC bought a new position in shares of Bit Digital in the 4th quarter valued at about $31,000. Advance Capital Management Inc. acquired a new stake in shares of Bit Digital in the first quarter valued at about $31,000. Caitong International Asset Management Co. Ltd raised its holdings in Bit Digital by 2,892.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company's stock worth $31,000 after acquiring an additional 14,692 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new position in Bit Digital during the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds 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.

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