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

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

Wall Street Analysts Forecast Growth

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

Bit Digital Stock Down 1.7%

The company has a market cap of $711.50 million, a PE ratio of -7.24 and a beta of 5.25. The business has a 50-day simple moving average of $2.49 and a 200-day simple moving average 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) EPS for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $25.11 million during 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%. On average, research analysts forecast that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling at Bit Digital

In related news, CEO Samir Tabar purchased 750,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were purchased 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 owned 2,108,089 shares of the company's stock, valued at $4,216,178. This represents a 55.22% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brock Jeffrey Pierce purchased 500,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was bought at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the director directly owned 500,000 shares in the company, valued at $1,000,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 2.32% of the stock is currently owned by insiders.

Institutional Trading of Bit Digital

Several large investors have recently made changes to their positions in the company. Vident Advisory LLC increased its position in shares of Bit Digital by 56.2% during the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock worth $9,360,000 after purchasing an additional 1,149,727 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Bit Digital by 62.6% in the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock worth $4,721,000 after buying an additional 899,967 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Bit Digital by 14.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company's stock worth $4,306,000 after buying an additional 273,480 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Bit Digital by 12.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company's stock worth $3,971,000 after buying an additional 215,956 shares in the last quarter. Finally, Uniplan Investment Counsel Inc. grew its position in shares of Bit Digital by 203.8% in the first quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company's stock valued at $2,200,000 after purchasing an additional 730,766 shares in the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

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.