Bit Digital (NASDAQ:BTBT) Stock Price Down 5.7% – What’s Next?

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

Analyst Ratings Changes

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

Bit Digital Stock Performance

The company has a market capitalization of $515.79 million, a price-to-earnings ratio of 56.00 and a beta of 4.89. The business’s 50-day simple moving average is $3.99 and its 200-day simple moving average is $3.60.

Hedge Funds Weigh In On Bit Digital

Several large investors have recently bought and sold shares of the business. Tidal Investments LLC grew its holdings in Bit Digital by 22.0% during the 3rd quarter. Tidal Investments LLC now owns 45,800 shares of the company’s stock worth $161,000 after acquiring an additional 8,250 shares during the period. Virtu Financial LLC bought a new position in shares of Bit Digital in the 3rd quarter worth $425,000. Barclays PLC increased its holdings in Bit Digital by 81.4% in the third quarter. Barclays PLC now owns 235,106 shares of the company’s stock valued at $826,000 after purchasing an additional 105,484 shares during the last quarter. Geode Capital Management LLC increased its holdings in Bit Digital by 1.8% in the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock valued at $8,512,000 after purchasing an additional 42,375 shares during the last quarter. Finally, XTX Topco Ltd lifted its stake in Bit Digital by 52.4% in the third quarter. XTX Topco Ltd now owns 146,614 shares of the company’s stock valued at $515,000 after buying an additional 50,400 shares during the period. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.