BIT Mining (NYSE:BTCM) Trading Down 0.9% – What’s Next?

BIT Mining Limited Sponsored ADR (NYSE:BTCM)’s stock price traded down 0.9% during mid-day trading on Wednesday . The company traded as low as $1.10 and last traded at $1.14. 382,760 shares were traded during mid-day trading, a decline of 5% from the average session volume of 404,970 shares. The stock had previously closed at $1.15.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BIT Mining in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce”.

BIT Mining Trading Down 0.9%

The firm has a market cap of $18.63 million, a P/E ratio of -1.16 and a beta of 3.34. The business’s fifty day simple moving average is $1.28 and its 200-day simple moving average is $2.32.

Institutional Trading of BIT Mining

A hedge fund recently bought a new stake in BIT Mining stock. Two Sigma Investments LP bought a new stake in shares of BIT Mining Limited Sponsored ADR (NYSE:BTCM) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned approximately 0.35% of BIT Mining as of its most recent SEC filing. 5.34% of the stock is owned by institutional investors and hedge funds.

About BIT Mining

Bit Mining Limited, listed on the New York Stock Exchange under the ticker BTCM, is a Cayman Islands–registered blockchain technology company focused on the mining of digital assets. The company maintains self-operated mining farms as well as hosting services for third-party miners, leveraging locations in Sichuan Province, China, and Kazakhstan to capitalize on low-cost power resources. Its operations are supported by proprietary mining pools, including CryptoSTAGE, dedicated to optimizing hash-rate efficiency.

Bit Mining designs, manufactures and markets cryptocurrency mining machines, offering both high-performance hardware and comprehensive after-sales support.