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

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 traded.

Wall Street Analyst Weigh In

BTBT has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a research report on Tuesday, November 19th. B. Riley began coverage on shares of Bit Digital in a report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target on the stock.

Bit Digital Stock Performance

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

Hedge Funds Weigh In On Bit Digital

Several institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. boosted its holdings 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 purchasing an additional 4,380 shares during the period. Tidal Investments LLC raised its position in shares of Bit Digital by 22.0% in the third quarter. Tidal Investments LLC now owns 45,800 shares of the company’s stock valued at $161,000 after buying an additional 8,250 shares in the last quarter. Crescent Grove Advisors LLC bought a new stake in shares of Bit Digital in the third quarter valued at approximately $35,000. Creative Planning acquired a new stake in Bit Digital during the third quarter worth approximately $37,000. Finally, Stifel Financial Corp bought a new position in Bit Digital during the 3rd quarter worth $38,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

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.