BTC Digital (NASDAQ:BTCT) Stock Price Down 6% – What’s Next?

Shares of BTC Digital Ltd. (NASDAQ:BTCT) were down 6% on Thursday . The company traded as low as $1.35 and last traded at $1.40. Approximately 63,124 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 91,476 shares. The stock had previously closed at $1.49.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BTC Digital in a research note on Monday, December 29th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

BTC Digital Trading Down 6.0%

The company has a 50-day moving average price of $1.69 and a two-hundred day moving average price of $2.30. The stock has a market cap of $10.53 million, a P/E ratio of -1.17 and a beta of 5.69.

Institutional Investors Weigh In On BTC Digital

An institutional investor recently raised its position in BTC Digital stock. SBI Securities Co. Ltd. increased its position in shares of BTC Digital Ltd. (NASDAQ:BTCT) by 102.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,378 shares of the company’s stock after purchasing an additional 14,378 shares during the period. SBI Securities Co. Ltd. owned approximately 0.38% of BTC Digital worth $89,000 at the end of the most recent quarter. Institutional investors and hedge funds own 7.32% of the company’s stock.

BTC Digital Company Profile

BTC Digital Ltd. a crypto asset technology company engages in bitcoin mining business. It is also involved in mining machines resale and rental business. The company was formerly known as Meten Holding Group Ltd. and changed its name to BTC Digital Ltd. in August 2023. The company was founded in 2006 and is headquartered in Shenzhen, China.