BIT Mining (NYSE:BTCM) Shares Down 2.3% – Here’s Why

BIT Mining Limited Sponsored ADR (NYSE:BTCM) fell 2.3% on Wednesday . The company traded as low as $0.7510 and last traded at $0.7718. 170,316 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,960,241 shares. The stock had previously closed at $0.7902.

BIT Mining Trading Down 2.3%

The company’s 50-day moving average price is $0.80 and its two-hundred day moving average price is $0.99. The company has a market cap of $12.61 million, a P/E ratio of -0.79 and a beta of 3.34.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in BIT Mining stock. Two Sigma Investments LP purchased a new stake in BIT Mining Limited Sponsored ADR (NYSE:BTCM) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 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 filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 5.34% of the company’s stock.

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.