Bit Digital (NASDAQ:BTBT) Stock Price Down 4.7% - Here's What Happened

Key Points

• Bit Digital shares fell 4.7% to $1.705, with 1.82 million shares traded—93% below the stock’s average session volume.
• Analyst sentiment is mixed: three analysts rate the stock Buy, one Hold, and one Sell. The consensus rating is Hold, with an average price target of $4.38.
• Bit Digital reported a quarterly loss of $0.31 per share, missing estimates by $0.26, although revenue of $32.11 million exceeded forecasts. The company continues to focus on bitcoin mining, Ethereum staking, and high-performance computing infrastructure.

Shares of Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) were down 4.7% on Friday. The company traded as low as $1.73 and last traded at $1.7050. 1,819,706 shares changed hands during trading, a decline of 93% from the average session volume of 26,151,789 shares. The stock had previously closed at $1.79.

Wall Street Analyst Weigh In

Several research firms have commented on BTBT. Craig Hallum reissued a "buy" rating and set a $3.50 price target on shares of Bit Digital in a research report on Tuesday, July 14th. Weiss Ratings reissued a "sell (d-)" rating on shares of Bit Digital in a research report on Thursday, August 13th. HC Wainwright initiated coverage on shares of Bit Digital in a research note on Tuesday, September 8th. They issued a "buy" rating and a $4.00 target price for the company. Finally, Zacks Research raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Bit Digital presently has an average rating of "Hold" and an average price target of $4.38.

Bit Digital Stock Performance

The firm has a 50 day moving average price of $1.51 and a 200-day moving average price of $1.64. The stock has a market capitalization of $629.30 million, a PE ratio of -1.64 and a beta of 3.97. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.69.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.26). Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%.The business had revenue of $32.11 million during the quarter, compared to analyst estimates of $23.58 million. Research analysts expect that Bit Digital, Inc. will post -0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Several hedge funds have recently added to or reduced their stakes in BTBT. Tidal Investments LLC grew its position in Bit Digital by 186.8% during the 2nd 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 during the period. WINTON GROUP Ltd purchased a new stake in shares of Bit Digital in the second quarter worth about $76,000. Squarepoint Ops LLC purchased a new stake in shares of Bit Digital in the second quarter worth about $125,000. AXQ Capital LP grew its holdings in Bit Digital by 60.6% during the second quarter. AXQ Capital LP now owns 61,953 shares of the company's stock worth $112,000 after acquiring an additional 23,378 shares during the period. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in 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 acquiring an additional 48,930 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

About Bit Digital

Bit Digital, Inc NASDAQ: BTBT is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.

In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.

Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.

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