Bit Digital (NASDAQ:BTBT) Shares Down 5.3% - What's Next?

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s stock price traded down 5.3% during mid-day trading on Monday . The stock traded as low as $3.75 and last traded at $3.64. 12,752,649 shares traded hands during trading, a decline of 32% from the average session volume of 18,702,719 shares. The stock had previously closed at $3.84.

Analyst Ratings Changes

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

Bit Digital Stock Performance

The company has a market capitalization of $986.48 million, a P/E ratio of -7.03 and a beta of 5.25. The company's fifty day simple moving average is $2.68 and its 200-day simple moving average is $2.62.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced 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 firm had revenue of $25.11 million during the quarter, compared to analyst estimates of $26.38 million. On average, sell-side analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current year.

Insider Activity at Bit Digital

In other Bit Digital news, CEO Samir Tabar bought 750,000 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were purchased at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the transaction, the chief executive officer directly owned 2,108,089 shares in the company, valued at $4,216,178. The trade was a 55.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brock Jeffrey Pierce purchased 500,000 shares of the company's stock in a transaction on 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 transaction, the director owned 500,000 shares of the company's stock, valued at $1,000,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 41.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. OLD Mission Capital LLC acquired a new stake in shares of Bit Digital during the 4th quarter worth $31,000. Cibc World Markets Corp bought a new stake in shares of Bit Digital during the 4th quarter worth $33,000. Cerity Partners LLC bought a new stake in shares of Bit Digital in the first quarter valued at $25,000. Wedbush Securities Inc. purchased a new stake in shares of Bit Digital during the fourth quarter worth $37,000. Finally, Orion Portfolio Solutions LLC purchased a new position in Bit Digital during the fourth quarter valued at approximately $38,000. 47.70% of the stock is owned by institutional investors.

About Bit Digital

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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