Bit Digital (NASDAQ:BTBT) Reaches New 1-Year Low – What’s Next?

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

Wall Street Analyst Weigh In

BTBT has been the topic of several research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Finally, Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $6.00.

Bit Digital Stock Performance

The stock has a market capitalization of $466.08 million, a PE ratio of 3.43 and a beta of 4.00. The company’s fifty day simple moving average is $1.80 and its two-hundred day simple moving average is $2.46.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. J. Derek Lewis & Associates Inc. acquired a new stake in Bit Digital during the 4th quarter valued at $578,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Bit Digital in the fourth quarter worth $273,000. Invesco Ltd. raised its holdings in shares of Bit Digital by 18.0% in the fourth quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock worth $19,831,000 after acquiring an additional 1,604,011 shares during the last quarter. Vident Advisory LLC lifted its position in shares of Bit Digital by 9.7% in the fourth quarter. Vident Advisory LLC now owns 1,229,756 shares of the company’s stock valued at $2,324,000 after acquiring an additional 108,387 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Bit Digital by 75.4% during the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after acquiring an additional 8,630 shares during the last quarter. 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.