Bit Digital (NASDAQ:BTBT) Sets New 52-Week Low – Should You Sell?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) hit a new 52-week low during trading on Thursday . The stock traded as low as $1.42 and last traded at $1.44, with a volume of 17466563 shares trading hands. The stock had previously closed at $1.59.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a report on Monday, December 29th. Finally, Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $6.00.

Bit Digital Stock Performance

The firm has a market capitalization of $424.01 million, a PE ratio of 3.12 and a beta of 4.00. The business’s fifty day simple moving average is $1.78 and its 200-day simple moving average is $2.45.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Friday, March 27th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Bit Digital had a negative return on equity of 7.11% and a net margin of 127.61%.The company had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. Sell-side analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Bit Digital

Several hedge funds have recently bought and sold shares of the stock. Walleye Trading LLC purchased a new position in shares of Bit Digital during the second quarter valued at about $25,000. Cerity Partners LLC purchased a new stake in shares of Bit Digital in the fourth quarter worth about $26,000. nVerses Capital LLC purchased a new stake in shares of Bit Digital in the fourth quarter worth about $26,000. Marathon Capital Management bought a new position in Bit Digital during the fourth quarter valued at approximately $28,000. Finally, E6 Portfolios LLC purchased a new position in Bit Digital during the 4th quarter valued at approximately $28,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

About Bit Digital

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.