Bit Digital (NASDAQ:BTBT) Shares Gap Down – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT) shares gapped down before the market opened on Friday . The stock had previously closed at $2.13, but opened at $1.96. Bit Digital shares last traded at $1.7850, with a volume of 5,666,574 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BTBT shares. B. Riley Financial reduced their price target on shares of Bit Digital from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, April 2nd. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, April 6th. Weiss Ratings lowered shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, March 30th. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research report on Thursday, April 2nd. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.67.

Bit Digital Stock Performance

The company has a current ratio of 6.39, a quick ratio of 6.39 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $573.14 million, a PE ratio of -3.21 and a beta of 3.95. The firm’s fifty day moving average price is $1.59 and its two-hundred day moving average price is $2.02.

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

Hedge Funds Weigh In On Bit Digital

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Bit Digital by 549.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after acquiring an additional 6,201,477 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Bit Digital in the 1st quarter worth $8,004,000. Balyasny Asset Management L.P. purchased a new stake in Bit Digital in the 2nd quarter worth $10,385,000. Renaissance Technologies LLC increased its holdings in Bit Digital by 114.8% in the 1st quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after acquiring an additional 3,932,900 shares in the last quarter. Finally, State Street Corp increased its holdings in Bit Digital by 40.3% in the 4th quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after acquiring an additional 3,307,076 shares in the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

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.