Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price fell 4.5% during trading on Wednesday . The company traded as low as $2.46 and last traded at $2.47. 1,998,062 shares were traded during mid-day trading, a decline of 86% from the average session volume of 14,179,858 shares. The stock had previously closed at $2.58.
Analyst Upgrades and Downgrades
Separately, HC Wainwright restated a "buy" rating and issued a $7.00 price target on shares of Bit Digital in a report on Monday, May 19th.
Check Out Our Latest Analysis on BTBT
Bit Digital Stock Down 0.8%
The business has a 50-day moving average price of $2.10 and a 200-day moving average price of $2.91. The firm has a market capitalization of $488.29 million, a price-to-earnings ratio of 39.17 and a beta of 5.25.
Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share 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 return on equity of 5.69% and a negative net margin of 2.75%. On average, equities research analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of BTBT. Tower Research Capital LLC TRC grew its holdings in shares of Bit Digital by 90.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company's stock valued at $46,000 after buying an additional 7,395 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Bit Digital during the 4th quarter valued at about $378,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Bit Digital in the fourth quarter valued at about $39,000. MetLife Investment Management LLC raised its stake in shares of Bit Digital by 18.1% in the fourth quarter. MetLife Investment Management LLC now owns 82,357 shares of the company's stock worth $241,000 after purchasing an additional 12,640 shares during the last quarter. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of Bit Digital during the fourth quarter worth about $49,000. Institutional investors and hedge funds own 47.70% of the company's stock.
About Bit Digital
(
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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