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

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 traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BTBT. Craig Hallum started coverage on shares of Bit Digital in a research note on Tuesday. They issued a “buy” rating and a $6.00 price target for the company. B. Riley assumed coverage on shares of Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price target on the stock. Finally, 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.

Bit Digital Stock Performance

The company’s 50 day moving average price is $3.86 and its 200 day moving average price is $3.62. The company has a market cap of $579.50 million, a price-to-earnings ratio of 62.92 and a beta of 4.89.

Institutional Trading of Bit Digital

A number of hedge funds have recently bought and sold shares of the stock. Crescent Grove Advisors LLC bought a new position in shares of Bit Digital during the 3rd quarter worth about $35,000. Creative Planning acquired a new stake in Bit Digital in the 3rd quarter valued at about $37,000. Stifel Financial Corp acquired a new stake in Bit Digital in the 3rd quarter valued at about $38,000. Ballentine Partners LLC acquired a new stake in Bit Digital in the 4th quarter valued at about $40,000. Finally, Victory Capital Management Inc. increased its position in Bit Digital by 39.3% in the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock valued at $49,000 after acquiring an additional 4,380 shares in the last quarter. 47.70% of the stock is 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.