Bit Digital (NASDAQ:BTBT) Trading Down 5.7% – Here’s Why

Bit Digital, Inc. (NASDAQ:BTBT)’s share price traded down 5.7% during mid-day trading on Tuesday . The stock traded as low as $3.61 and last traded at $3.66. 5,841,025 shares were traded during mid-day trading, a decline of 61% from the average session volume of 15,063,979 shares. The stock had previously closed at $3.88.

Analyst Ratings Changes

BTBT has been the subject of a number of analyst reports. B. Riley began coverage on shares of Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a report on Tuesday, November 19th.

Bit Digital Trading Down 8.0 %

The firm has a market cap of $548.03 million, a P/E ratio of 59.50 and a beta of 4.89. The company’s fifty day moving average price is $4.03 and its two-hundred day moving average price is $3.59.

Institutional Trading of Bit Digital

Large investors have recently added to or reduced their stakes in the company. Crescent Grove Advisors LLC bought a new position in shares of Bit Digital in the third quarter valued at about $35,000. Creative Planning bought a new position in shares of Bit Digital in the third quarter worth about $37,000. Thoroughbred Financial Services LLC acquired a new position in shares of Bit Digital during the second quarter worth approximately $38,000. Stifel Financial Corp bought a new stake in shares of Bit Digital during the third quarter valued at approximately $38,000. Finally, Victory Capital Management Inc. increased its holdings in shares of Bit Digital by 39.3% in the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock valued at $49,000 after purchasing an additional 4,380 shares in the last quarter. 47.70% of the stock is owned by institutional investors.

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.