Bit Digital (NASDAQ:BTBT) Stock Price Down 4.5% - Here's Why

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) dropped 4.5% during mid-day trading on Wednesday . The company traded as low as $2.46 and last traded at $2.47. Approximately 1,998,062 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 14,179,858 shares. The stock had previously closed at $2.58.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a "buy" rating and issued a $7.00 target price on shares of Bit Digital in a report on Monday, May 19th.

Bit Digital Stock Performance

The stock has a market capitalization of $510.10 million, a P/E ratio of 40.75 and a beta of 5.25. The company's fifty day simple moving average is $2.09 and its two-hundred day simple moving average is $2.97.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $25.11 million for the quarter, compared to analysts' expectations of $26.38 million. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. On average, research analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC boosted its position in shares of Bit Digital by 427.6% during the 4th quarter. SG Americas Securities LLC now owns 219,520 shares of the company's stock worth $643,000 after acquiring an additional 177,911 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Bit Digital by 90.9% in 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 in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Bit Digital in the fourth quarter valued at approximately $378,000. Y Intercept Hong Kong Ltd acquired a new stake in Bit Digital in the fourth quarter valued at approximately $39,000. Finally, MetLife Investment Management LLC boosted its position in Bit Digital by 18.1% in the fourth quarter. MetLife Investment Management LLC now owns 82,357 shares of the company's stock valued at $241,000 after buying an additional 12,640 shares in the last quarter. 47.70% of the stock is owned by 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.

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