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

Shares of 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

BTBT has been the subject of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley assumed coverage on shares of Bit Digital in a research note on Thursday, October 24th. They set a “buy” rating and a $6.00 price target on the stock.

Bit Digital Trading Down 10.5 %

The company’s 50 day moving average price is $4.01 and its 200-day moving average price is $3.60. The company has a market capitalization of $497.37 million, a PE ratio of 54.00 and a beta of 4.89.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently made changes to their positions in the business. Crescent Grove Advisors LLC purchased a new stake in shares of Bit Digital during the third quarter worth about $35,000. Creative Planning bought a new position in Bit Digital in the 3rd quarter worth approximately $37,000. Stifel Financial Corp bought a new stake in shares of Bit Digital during the third quarter valued at about $38,000. Thoroughbred Financial Services LLC acquired a new position in shares of Bit Digital during the second quarter valued at approximately $38,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Bit Digital by 39.3% in the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock valued at $49,000 after buying an additional 4,380 shares during the period. Hedge funds and other 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.