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

Shares of 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 trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BTBT shares. Craig Hallum began coverage on Bit Digital in a report on Tuesday. They set a “buy” rating and a $6.00 target price for the company. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research note on Tuesday, November 19th. Finally, 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 objective on the stock.

Bit Digital Stock Up 1.1 %

The stock has a market cap of $566.45 million, a PE ratio of 61.50 and a beta of 4.89. The business has a 50 day moving average price of $3.83 and a 200 day moving average price of $3.62.

Institutional Investors Weigh In On Bit Digital

Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC increased its holdings in shares of Bit Digital by 66.6% during the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after purchasing an additional 1,033,767 shares in the last quarter. Van ECK Associates Corp increased its holdings in Bit Digital by 25.2% in the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock valued at $17,259,000 after buying an additional 898,329 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Bit Digital in the second quarter worth about $2,126,000. Charles Schwab Investment Management Inc. raised its position in shares of Bit Digital by 192.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after acquiring an additional 530,411 shares during the period. Finally, Segall Bryant & Hamill LLC purchased a new stake in shares of Bit Digital during the 3rd quarter worth about $1,222,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.