BIT Mining (NYSE:BTCM) Stock Price Down 2.3% – Should You Sell?
by Doug Wharley · The Cerbat GemBIT Mining Limited Sponsored ADR (NYSE:BTCM – Get Free Report) dropped 2.3% during trading on Wednesday . The company traded as low as $0.7510 and last traded at $0.7718. Approximately 170,316 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 1,960,241 shares. The stock had previously closed at $0.7902.
BIT Mining Trading Up 2.7%
The firm has a market capitalization of $12.58 million, a PE ratio of -0.79 and a beta of 3.34. The business has a 50-day moving average of $0.80 and a 200 day moving average of $0.98.
Institutional Investors Weigh In On BIT Mining
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 – Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 57,904 shares of the company’s stock, valued at approximately $156,000. Two Sigma Investments LP owned about 0.35% of BIT Mining at the end of the most recent quarter. 5.34% of the stock is owned by hedge funds and other institutional investors.
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.