Bit Digital (NASDAQ:BTBT) Stock Price Down 6.2% - Time to Sell?

Key Points

• Bit Digital's stock price fell by 6.2% to $2.82, with trading volume dropping significantly to 4.4 million shares, which is 81% lower than its average.
• The company reported revenue of $25.11 million for the last quarter, falling short of the consensus estimate of $26.38 million, contributing to a negative net margin of 77.27%.
• Despite the decline, HC Wainwright maintained a "buy" rating for Bit Digital with a target price of $7.00, indicating potential upside for investors.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) dropped 6.2% on Tuesday . The stock traded as low as $2.89 and last traded at $2.82. Approximately 4,444,467 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 23,220,109 shares. The stock had previously closed at $3.00.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a "buy" rating and issued a $7.00 target price on shares of Bit Digital in a research note on Thursday, June 26th.

Bit Digital Price Performance

The firm has a market capitalization of $870.41 million, a price-to-earnings ratio of -6.10 and a beta of 5.25. The business's 50-day moving average price is $2.79 and its 200 day moving average price is $2.60.

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 (EPS) for the quarter, hitting the consensus estimate of ($0.05). Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. The firm had revenue of $25.11 million for the quarter, compared to the consensus estimate of $26.38 million. As a group, sell-side analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Insider Transactions at Bit Digital

In other Bit Digital news, Director Brock Jeffrey Pierce purchased 500,000 shares of Bit Digital stock in a transaction that occurred on Wednesday, June 25th. The stock was purchased at an average price of $2.00 per share, with a total value of $1,000,000.00. Following the completion of the acquisition, the director owned 500,000 shares of the company's stock, valued at approximately $1,000,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Samir Tabar acquired 750,000 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were acquired at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the acquisition, the chief executive officer directly owned 2,108,089 shares in the company, valued at $4,216,178. The trade was a 55.22% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.32% of the stock is currently owned by insiders.

Institutional Trading of Bit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in BTBT. Stifel Financial Corp raised its holdings in Bit Digital by 31.0% in the fourth quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock valued at $41,000 after acquiring an additional 3,320 shares in the last quarter. Byrne Asset Management LLC increased its position in shares of Bit Digital by 22.5% in the 2nd quarter. Byrne Asset Management LLC now owns 21,492 shares of the company's stock worth $47,000 after purchasing an additional 3,954 shares during the last quarter. Plancorp LLC raised its stake in shares of Bit Digital by 34.8% in the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company's stock valued at $34,000 after purchasing an additional 4,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Bit Digital by 10.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock worth $132,000 after purchasing an additional 4,389 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Bit Digital by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 61,711 shares of the company's stock worth $125,000 after purchasing an additional 6,195 shares in the last quarter. 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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