Bit Digital (NASDAQ:BTBT) Stock Price Down 3.6% – Time to Sell?

Bit Digital, Inc. (NASDAQ:BTBTGet Free Report)’s share price fell 3.6% on Wednesday . The company traded as low as $3.58 and last traded at $3.57. Approximately 1,183,355 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 15,383,881 shares. The stock had previously closed at $3.70.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley began coverage on Bit Digital in a research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective for the company. Finally, Craig Hallum assumed coverage on shares of Bit Digital in a research note on Tuesday. They set a “buy” rating and a $6.00 target price on the stock.

Read Our Latest Analysis on Bit Digital

Bit Digital Trading Down 3.1 %

The company has a market capitalization of $550.33 million, a PE ratio of 59.58 and a beta of 4.89. The company has a fifty day simple moving average of $3.87 and a 200-day simple moving average of $3.62.

Institutional Investors Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently bought and sold shares of BTBT. Charles Schwab Investment Management Inc. grew its stake in shares of Bit Digital by 192.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after buying an additional 530,411 shares during the period. Stifel Financial Corp acquired a new stake in Bit Digital during the third quarter worth $38,000. Squarepoint Ops LLC purchased a new stake in Bit Digital in the second quarter valued at $2,126,000. Segall Bryant & Hamill LLC acquired a new position in shares of Bit Digital in the 3rd quarter valued at $1,222,000. Finally, Millennium Management LLC grew its holdings in shares of Bit Digital by 66.6% during the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after purchasing an additional 1,033,767 shares during the period. 47.70% of the stock is currently owned by institutional investors and hedge funds.

About Bit Digital

(Get Free Report)

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.

Featured Stories

Receive News & Ratings for Bit Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bit Digital and related companies with MarketBeat.com's FREE daily email newsletter.