BIT Mining Limited Experiences Stock Drop Amidst Market Volatility
BIT Mining Limited sees a 2.1% drop in shares. Discover insights on stock performance, institutional actions, and market trends.
BIT Mining Limited Sponsored ADR (NYSE:BTCM) experienced a notable 2.1% drop in its stock value during mid-day trading on Monday. The shares traded as low as $1.81 before settling at $1.91, indicating a decline from the previous closing price of $1.95. Trading volume was significantly lower than usual, with approximately 45,867 shares changing hands, representing a 57% decrease from the average daily volume of 107,459 shares.
In terms of analyst perspectives, HC Wainwright recently reaffirmed a 'neutral' rating for BIT Mining shares in a report dated April 11th. This rating suggests a balanced outlook on the company's performance in the current market landscape.
Institutional investors and hedge funds have shown varying levels of interest in BIT Mining. Notably, SBI Securities Co. Ltd. acquired a new stake in the company during the fourth quarter, purchasing 22,964 shares valued around $58,000. At the end of the most recent quarter, institutional investors and hedge funds held approximately 5.34% of BIT Mining's stock.
BIT Mining Limited operates as a cryptocurrency mining enterprise, with a presence in Mainland China, the United States, and Hong Kong. The company functions through two main segments: Data Center and Cryptocurrency Mining. Notably, BIT Mining operates a substantial cryptocurrency mining data center in Ohio, boasting a power capacity of 82.5 megawatts. The company is also involved in acquiring and deploying bitcoin mining machines.
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