Bit Digital (NASDAQ:BTBT) Stock Falls 5.2% - What's Next?

Key Points

• Bit Digital shares fell 5.2% to about $1.55 in mid-day trading, with volume roughly 66% below its average.
• Analysts remain broadly positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $4.38, well above its trading price.
• The company reported a quarterly EPS loss of $0.31, missing estimates by $0.26, despite revenue of $32.11 million exceeding analyst expectations.

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report)'s share price dropped 5.2% during mid-day trading on Monday. The stock traded as low as $1.55 and last traded at $1.5450. Approximately 8,726,836 shares were traded during trading, a decline of 66% from the average daily volume of 25,935,875 shares. The stock had previously closed at $1.63.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. JonesTrading upgraded shares of Bit Digital to a "strong-buy" rating in a report on Saturday, September 26th. UBS Group raised shares of Bit Digital to a "buy" rating in a research report on Monday, September 28th. Craig Hallum reiterated a "buy" rating and issued a $3.50 price objective on shares of Bit Digital in a report on Tuesday, July 14th. Zacks Research upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Friday, July 17th. Finally, HC Wainwright initiated coverage on Bit Digital in a research report on Tuesday, September 8th. They issued a "buy" rating and a $4.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $4.38.

Bit Digital Stock Performance

The company has a market capitalization of $553.57 million, a price-to-earnings ratio of -1.45 and a beta of 3.84. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69. The stock's fifty day simple moving average is $1.53 and its 200-day simple moving average is $1.64.

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 the consensus estimate of ($0.05) by ($0.26). The company had revenue of $32.11 million for the quarter, compared to analyst estimates of $23.58 million. Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%. Analysts predict that Bit Digital, Inc. will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BTBT. Tidal Investments LLC raised its holdings in Bit Digital by 186.8% during the second quarter. Tidal Investments LLC now owns 1,758,186 shares of the company's stock worth $3,165,000 after purchasing an additional 1,145,092 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in Bit Digital during the 2nd quarter worth $76,000. Squarepoint Ops LLC purchased a new stake in Bit Digital in the second quarter valued at $125,000. AXQ Capital LP boosted its stake in Bit Digital by 60.6% in the second quarter. AXQ Capital LP now owns 61,953 shares of the company's stock valued at $112,000 after acquiring an additional 23,378 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in shares of Bit Digital by 24.4% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 249,211 shares of the company's stock worth $449,000 after purchasing an additional 48,930 shares during the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

About Bit Digital

Bit Digital, Inc is a digital asset infrastructure company that operates in cryptocurrency mining and blockchain technology services. The company's primary activities include bitcoin mining and Ethereum staking, through which it seeks to earn digital assets by contributing computing power and validating transactions on applicable blockchain networks.

Bit Digital has emphasized the use of energy-efficient and environmentally responsible infrastructure for its mining operations. Its activities have included operations and hosting arrangements in North America and Iceland, supported by third-party data center and power providers.

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