Bit Digital (NASDAQ:BTBT) Stock Price Down 5% - Here's What Happened

Key Points

• Bit Digital shares fell 5% to about $1.515, with roughly 23.7 million shares changing hands, slightly below average volume.
• Analyst sentiment is mixed: three analysts rate the stock Buy, one rates it Hold and one rates it Sell. The consensus rating is Hold, with a $5.12 target price.
• The company reported a quarterly loss of $0.31 per share, missing estimates by $0.26, although revenue of $32.11 million exceeded expectations. Bit Digital remains unprofitable, with a negative net margin of 237.19%.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares traded down 5% on Friday . The company traded as low as $1.47 and last traded at $1.5150. 23,687,760 shares traded hands during trading, a decline of 7% from the average session volume of 25,396,115 shares. The stock had previously closed at $1.5950.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BTBT shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bit Digital in a research report on Thursday, August 13th. Zacks Research raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Friday, July 17th. B. Riley Financial restated a "buy" rating on shares of Bit Digital in a research note on Monday, May 18th. Finally, Craig Hallum restated a "buy" rating and issued a $3.50 target price on shares of Bit Digital in a research note on Tuesday, July 14th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Bit Digital currently has an average rating of "Hold" and a consensus target price of $5.12.

Bit Digital Trading Down 3.4%

The stock has a market capitalization of $555.38 million, a PE ratio of -1.45 and a beta of 4.02. The firm has a 50-day moving average price of $1.63 and a 200-day moving average price of $1.67. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.26). The business had revenue of $32.11 million for the quarter, compared to the consensus estimate of $23.58 million. Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%. As a group, equities analysts forecast that Bit Digital, Inc. will post -0.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Walleye Trading LLC purchased a new stake in shares of Bit Digital during the 2nd quarter worth approximately $25,000. Mackenzie Financial Corp purchased a new position in Bit Digital in the third quarter valued at approximately $34,000. WINTON GROUP Ltd purchased a new position in Bit Digital in the third quarter valued at approximately $35,000. Cerity Partners LLC bought a new position in Bit Digital during the fourth quarter valued at $26,000. Finally, nVerses Capital LLC bought a new position in Bit Digital during the fourth quarter valued at $26,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

About Bit Digital

Bit Digital, Inc NASDAQ: BTBT is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company's revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.

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