Bit Digital (NASDAQ:BTBT) Shares Gap Down – What’s Next?

Shares of Bit Digital, Inc. (NASDAQ:BTBT) gapped down prior to trading 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 trading hands.

Analyst Ratings Changes

A number of brokerages have issued reports on BTBT. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research note 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 target on the stock.

Bit Digital Stock Performance

The business has a fifty day moving average price of $3.99 and a 200 day moving average price of $3.60. The company has a market cap of $515.79 million, a price-to-earnings ratio of 56.00 and a beta of 4.89.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Bit Digital by 192.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after purchasing an additional 530,411 shares during the last quarter. Stifel Financial Corp acquired a new stake in Bit Digital in the third quarter valued at approximately $38,000. Squarepoint Ops LLC bought a new stake in shares of Bit Digital during the second quarter worth $2,126,000. Segall Bryant & Hamill LLC acquired a new position in shares of Bit Digital during the third quarter worth $1,222,000. Finally, Millennium Management LLC lifted its stake in shares of Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after acquiring an additional 1,033,767 shares during the last quarter. Institutional investors own 47.70% of the company’s stock.

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.