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

Bit Digital logo with Business Services background

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.

Read Our Latest Stock Analysis on Bit Digital

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

(Get Free Report)

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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