Bit Digital (NASDAQ:BTBT) Stock Price Down 4.1% – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT)’s share price was down 4.1% during mid-day trading on Thursday . The company traded as low as $3.54 and last traded at $3.54. Approximately 1,092,352 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 14,964,692 shares. The stock had previously closed at $3.69.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BTBT shares. B. Riley started coverage on shares of Bit Digital in a research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research note on Tuesday, November 19th.

Bit Digital Stock Down 1.5 %

The stock has a market cap of $558.01 million, a price-to-earnings ratio of 60.60 and a beta of 4.89. The firm’s 50 day moving average is $3.97 and its two-hundred day moving average is $3.61.

Institutional Investors Weigh In On Bit Digital

Several institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp raised its stake in Bit Digital by 1.7% during the third quarter. State Street Corp now owns 5,597,517 shares of the company’s stock worth $19,647,000 after acquiring an additional 94,762 shares during the period. Van ECK Associates Corp raised its stake in Bit Digital by 25.2% during the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock worth $17,259,000 after acquiring an additional 898,329 shares during the period. Millennium Management LLC raised its stake in Bit Digital by 66.6% during the second quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after acquiring an additional 1,033,767 shares during the period. Geode Capital Management LLC raised its stake in Bit Digital by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock worth $8,512,000 after acquiring an additional 42,375 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Bit Digital by 192.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after acquiring an additional 530,411 shares during the period. 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.