Bit Digital (NASDAQ:BTBT) Shares Gap Down - Here's What Happened

Key Points

• Bit Digital's stock gapped down from $3.20 to $2.96 at market open, closing at $2.90 with a trading volume of over 15 million shares.
• Wall Street analysts have a consensus rating of Buy for Bit Digital, with target price estimates averaging $6.33 following recent upgrades from various analysts.
• The company reported a quarterly revenue of $25.66 million, which fell short of the consensus estimate of $27.46 million, alongside a negative net margin of 52.86%.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $3.20, but opened at $2.96. Bit Digital shares last traded at $2.90, with a volume of 15,541,424 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently weighed in on BTBT shares. Wall Street Zen upgraded shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. HC Wainwright reiterated a "buy" rating and set a $7.00 target price on shares of Bit Digital in a research report on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $6.33.

Bit Digital Stock Down 7.7%

The firm has a market capitalization of $949.83 million, a P/E ratio of -9.53 and a beta of 4.77. The firm's 50-day simple moving average is $2.93 and its 200-day simple moving average is $2.58.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $25.66 million for the quarter, compared to the consensus estimate of $27.46 million. Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. As a group, analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets purchased a new position in shares of Bit Digital in the fourth quarter valued at about $46,000. Bank of America Corp DE increased its position in shares of Bit Digital by 16.1% in the fourth quarter. Bank of America Corp DE now owns 125,587 shares of the company's stock valued at $368,000 after acquiring an additional 17,374 shares during the period. ProShare Advisors LLC increased its position in shares of Bit Digital by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 33,753 shares of the company's stock valued at $99,000 after acquiring an additional 11,107 shares during the period. Farther Finance Advisors LLC increased its position in Bit Digital by 48.7% during the 1st quarter. Farther Finance Advisors LLC now owns 36,596 shares of the company's stock valued at $78,000 after purchasing an additional 11,983 shares during the period. Finally, Byrne Asset Management LLC increased its position in Bit Digital by 207.7% during the 1st quarter. Byrne Asset Management LLC now owns 17,538 shares of the company's stock valued at $35,000 after purchasing an additional 11,838 shares during the period. Hedge funds and other institutional investors own 47.70% of the company's stock.

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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