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

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.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. B. Riley initiated 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. Craig Hallum initiated coverage on shares of Bit Digital in a research note on Tuesday. They set a “buy” rating and a $6.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research note on Tuesday, November 19th.

Bit Digital Price Performance

The stock’s 50 day simple moving average is $3.86 and its two-hundred day simple moving average is $3.62. The stock has a market cap of $579.50 million, a P/E ratio of 62.92 and a beta of 4.89.

Institutional Trading of Bit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in BTBT. Crescent Grove Advisors LLC acquired a new stake in shares of Bit Digital in the third quarter valued at approximately $35,000. Creative Planning acquired a new position in Bit Digital during the third quarter worth $37,000. Stifel Financial Corp acquired a new position in Bit Digital during the third quarter worth $38,000. Ballentine Partners LLC acquired a new position in Bit Digital during the fourth quarter worth $40,000. Finally, Victory Capital Management Inc. increased its holdings in Bit Digital by 39.3% during the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after buying an additional 4,380 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

About Bit Digital

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.