Bit Digital (NASDAQ:BTBT) Shares Gap Down – Here’s What Happened

Shares of Bit Digital, Inc. (NASDAQ:BTBT) gapped down prior to trading on Thursday . The stock had previously closed at $3.71, but opened at $3.57. Bit Digital shares last traded at $3.67, with a volume of 2,113,815 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BTBT. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley initiated coverage on shares of Bit Digital in a research report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target for the company. Finally, Craig Hallum initiated coverage on shares of Bit Digital in a report on Tuesday. They set a “buy” rating and a $6.00 price objective on the stock.

Bit Digital Stock Up 1.1 %

The firm has a market capitalization of $566.45 million, a PE ratio of 61.50 and a beta of 4.89. The company’s 50-day simple moving average is $3.83 and its 200 day simple moving average is $3.62.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Crescent Grove Advisors LLC purchased a new stake in shares of Bit Digital during the third quarter worth about $35,000. Creative Planning purchased a new stake in Bit Digital during the 3rd quarter worth approximately $37,000. Stifel Financial Corp acquired a new position in Bit Digital during the 3rd quarter valued at approximately $38,000. Ballentine Partners LLC purchased a new position in shares of Bit Digital in the fourth quarter worth $40,000. Finally, Sei Investments Co. purchased a new position in shares of Bit Digital in the second quarter worth $51,000. Hedge funds and other institutional investors 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.