Bit Digital (NASDAQ:BTBT) Stock Price Down 3.6% – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT) dropped 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 brokerages recently weighed in on BTBT. Craig Hallum initiated coverage on shares of Bit Digital in a research report on Tuesday. They set a “buy” rating and a $6.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Tuesday, November 19th. Finally, B. Riley started coverage on shares of Bit Digital in a research report on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective for the company.

Bit Digital Stock Up 1.1 %

The company has a market capitalization of $566.45 million, a PE ratio of 61.50 and a beta of 4.89. The firm’s 50 day simple moving average is $3.84 and its 200 day simple moving average is $3.62.

Hedge Funds Weigh In On Bit Digital

Large investors have recently added to or reduced their stakes in the company. Crescent Grove Advisors LLC purchased a new position in shares of Bit Digital in the third quarter worth $35,000. Creative Planning purchased a new position in shares of Bit Digital during the 3rd quarter valued at approximately $37,000. Stifel Financial Corp purchased a new stake in shares of Bit Digital during the third quarter worth about $38,000. Ballentine Partners LLC acquired a new position in shares of Bit Digital during the fourth quarter valued at approximately $40,000. Finally, Sei Investments Co. purchased a new position in Bit Digital in the 2nd quarter valued at $51,000. 47.70% of the stock is currently owned by institutional investors.

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.