Bit Digital (NASDAQ:BTBT) Trading Down 5.2% - What's Next?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price dropped 5.2% 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.

Analyst Upgrades and Downgrades

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

Bit Digital Stock Down 4.0%

The business's 50-day simple moving average is $2.51 and its 200-day simple moving average is $2.60. The stock has a market cap of $694.40 million, a PE ratio of -7.09 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) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.05). Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. The business had revenue of $25.11 million for the quarter, compared to the consensus estimate of $26.38 million. As a group, equities research analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Transactions at Bit Digital

In other news, CEO Samir Tabar acquired 750,000 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were acquired at an average cost of $2.00 per share, with a total value 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 acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Brock Jeffrey Pierce bought 500,000 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was purchased at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the transaction, the director directly owned 500,000 shares in the company, valued at approximately $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 owned by corporate insiders.

Institutional Trading of Bit Digital

Several institutional investors have recently bought and sold shares of the company. Stifel Financial Corp raised its stake in shares of Bit Digital by 31.0% in the fourth quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock worth $41,000 after purchasing an additional 3,320 shares during the last quarter. Byrne Asset Management LLC increased its holdings in Bit Digital by 22.5% in the 2nd quarter. Byrne Asset Management LLC now owns 21,492 shares of the company's stock worth $47,000 after buying an additional 3,954 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Bit Digital by 10.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock worth $132,000 after buying an additional 4,389 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Bit Digital by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 61,711 shares of the company's stock valued at $125,000 after acquiring an additional 6,195 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Bit Digital by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company's stock valued at $843,000 after acquiring an additional 6,621 shares during the period. 47.70% of the stock is 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.