BIT Mining (NYSE:BTCM) Shares Down 2.2% – Should You Sell?

Shares of BIT Mining Limited (NYSE:BTCM) were down 2.2% during mid-day trading on Tuesday . The stock traded as low as $2.82 and last traded at $2.84. Approximately 146,371 shares changed hands during trading, an increase of 51% from the average daily volume of 96,914 shares. The stock had previously closed at $2.90.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a “neutral” rating on shares of BIT Mining in a research note on Thursday, December 5th.

BIT Mining Price Performance

The company has a market capitalization of $42.72 million, a price-to-earnings ratio of -2.16 and a beta of 2.58. The firm’s fifty day moving average price is $2.93 and its 200-day moving average price is $2.66.

Hedge Funds Weigh In On BIT Mining

A hedge fund recently bought a new stake in BIT Mining stock. XTX Topco Ltd bought a new stake in BIT Mining Limited (NYSE:BTCM) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 22,288 shares of the company’s stock, valued at approximately $59,000. XTX Topco Ltd owned about 0.20% of BIT Mining at the end of the most recent reporting period. Institutional investors own 5.34% of the company’s stock.

BIT Mining Company Profile

BIT Mining Limited operates as a cryptocurrency mining company in the Mainland China, the United States, and Hong Kong. The company operates in two segments: Data Center and Cryptocurrency Mining. It operates a cryptocurrency mining data center in Ohio with power capacity of 82.5 megawatts; and purchases and deploys bitcoin mining machines.