Bit Digital (NASDAQ:BTBT) Stock Price Down 5.5% - Here's Why

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) shares fell 5.5% during trading on Tuesday . The company traded as low as $2.49 and last traded at $2.48. 839,092 shares changed hands during trading, a decline of 94% from the average session volume of 14,634,339 shares. The stock had previously closed at $2.62.

Analyst Ratings Changes

Separately, HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of Bit Digital in a research note on Monday, May 19th.

Bit Digital Price Performance

The stock's 50 day simple moving average is $2.21 and its 200-day simple moving average is $2.77. The stock has a market capitalization of $505.69 million, a price-to-earnings ratio of 40.42 and a beta of 5.36.

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

Institutional Investors Weigh In On Bit Digital

Several large investors have recently made changes to their positions in BTBT. Cerity Partners LLC bought a new stake in shares of Bit Digital during the first quarter worth $25,000. OLD Mission Capital LLC acquired a new position in Bit Digital during the 4th quarter worth about $31,000. Advance Capital Management Inc. acquired a new stake in Bit Digital in the 1st quarter valued at about $31,000. Caitong International Asset Management Co. Ltd increased its position in Bit Digital by 2,892.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company's stock valued at $31,000 after acquiring an additional 14,692 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new position in shares of Bit Digital during the fourth quarter worth approximately $33,000. 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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