Bit Digital (NASDAQ:BTBT) Shares Gap Down – Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBT) shares gapped down before the market opened on Monday . The stock had previously closed at $2.38, but opened at $2.22. Bit Digital shares last traded at $2.2450, with a volume of 3,309,666 shares.

Wall Street Analysts Forecast Growth

BTBT has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a report on Monday, November 17th. Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Bit Digital in a research report on Wednesday, November 26th. Finally, Northland Securities set a $5.00 target price on shares of Bit Digital in a research note on Monday, November 17th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $6.00.

Bit Digital Stock Down 0.4%

The company has a market cap of $725.02 million, a PE ratio of 5.33 and a beta of 4.29. The stock’s 50 day simple moving average is $3.19 and its two-hundred day simple moving average is $2.96.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter. The firm had revenue of $30.46 million for the quarter, compared to analysts’ expectations of $29.54 million. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. Analysts forecast that Bit Digital, Inc. will post -0.2 EPS for the current year.

Insider Activity

In other Bit Digital news, CFO Erke Huang sold 410,636 shares of Bit Digital stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $2.01, for a total transaction of $825,378.36. Following the transaction, the chief financial officer directly owned 1,175,000 shares of the company’s stock, valued at $2,361,750. The trade was a 25.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Bit Digital

Several large investors have recently made changes to their positions in BTBT. Walleye Trading LLC acquired a new position in shares of Bit Digital during the 2nd quarter valued at $25,000. Sheets Smith Wealth Management acquired a new stake in Bit Digital in the 3rd quarter valued at $30,000. Hamilton Wealth LLC purchased a new position in Bit Digital in the third quarter valued at about $30,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Bit Digital by 2,892.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company’s stock worth $31,000 after purchasing an additional 14,692 shares in the last quarter. Finally, LCM Capital Management Inc purchased a new stake in shares of Bit Digital in the third quarter worth about $33,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Company Profile

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.