BTC Digital (NASDAQ:BTCT) Shares Down 7.1% – Here’s What Happened

BTC Digital Ltd. (NASDAQ:BTCT)’s stock price dropped 7.1% on Wednesday . The stock traded as low as $1.24 and last traded at $1.2450. Approximately 361,909 shares changed hands during trading, an increase of 27% from the average daily volume of 285,057 shares. The stock had previously closed at $1.34.

Analysts Set New Price Targets

Separately, Zacks Research raised BTC Digital to a “hold” rating in a research report on Monday, May 18th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce”.

BTC Digital Stock Performance

The company has a quick ratio of 7.79, a current ratio of 7.79 and a debt-to-equity ratio of 0.01. The stock has a market cap of $11.85 million, a price-to-earnings ratio of -1.04 and a beta of 5.36. The company’s 50-day simple moving average is $1.18 and its 200-day simple moving average is $1.38.

BTC Digital (NASDAQ:BTCT) last released its earnings results on Monday, May 11th. The company reported ($0.21) earnings per share for the quarter. The business had revenue of $4.16 million during the quarter.

About BTC Digital

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.