Bit Digital (NASDAQ:BTBT) Stock Price Down 9.1% – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT) shares were down 9.1% during mid-day trading on Tuesday . The company traded as low as $1.9350 and last traded at $1.9550. Approximately 6,085,868 shares changed hands during trading, a decline of 75% from the average daily volume of 23,967,484 shares. The stock had previously closed at $2.15.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BTBT. Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Zacks Research downgraded shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Weiss Ratings lowered shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, March 30th. B. Riley Financial lowered their target price on Bit Digital from $6.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, April 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Thursday, April 2nd. Two analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $5.67.

Bit Digital Trading Down 13.7%

The firm has a market capitalization of $605.80 million, a PE ratio of -3.35 and a beta of 3.95. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.13. The company’s 50-day simple moving average is $1.57 and its 200 day simple moving average is $2.06.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, March 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%.The firm had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. As a group, sell-side analysts expect that Bit Digital, Inc. will post -0.12 EPS for the current year.

Institutional Trading of Bit Digital

A number of institutional investors have recently made changes to their positions in BTBT. Hamilton Wealth LLC acquired a new position in Bit Digital during the 3rd quarter valued at about $30,000. LCM Capital Management Inc acquired a new stake in Bit Digital in the third quarter worth about $33,000. Rafferty Asset Management LLC purchased a new stake in shares of Bit Digital during the third quarter worth about $33,000. Walleye Trading LLC acquired a new position in shares of Bit Digital during the second quarter valued at about $25,000. Finally, Mackenzie Financial Corp acquired a new position in shares of Bit Digital during the third quarter valued at about $34,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Company Profile

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.