Bit Digital (NASDAQ:BTBT) Shares Gap Down – Should You Sell?

Bit Digital, Inc. (NASDAQ:BTBT) gapped down before the market opened on Wednesday . The stock had previously closed at $3.62, but opened at $3.44. Bit Digital shares last traded at $3.39, with a volume of 1,599,750 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BTBT shares. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a report on Tuesday, November 19th. 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 Performance

The company has a 50-day moving average of $4.01 and a 200 day moving average of $3.60. The firm has a market cap of $497.37 million, a P/E ratio of 54.00 and a beta of 4.89.

Hedge Funds Weigh In On Bit Digital

Several institutional investors have recently added to or reduced their stakes in BTBT. Crescent Grove Advisors LLC acquired a new position in Bit Digital in the third quarter worth $35,000. Creative Planning bought a new stake in shares of Bit Digital during the third quarter worth approximately $37,000. Stifel Financial Corp acquired a new position in shares of Bit Digital in the 3rd quarter valued at $38,000. Thoroughbred Financial Services LLC bought a new position in Bit Digital during the second quarter worth about $38,000. Finally, Victory Capital Management Inc. boosted its stake in Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after acquiring an additional 4,380 shares during 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.