Vident Advisory LLC Increases Holdings in Bit Digital, Inc. (NASDAQ:BTBT)

Vident Advisory LLC raised its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 56.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,194,409 shares of the company’s stock after buying an additional 1,149,727 shares during the quarter. Vident Advisory LLC’s holdings in Bit Digital were worth $9,360,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in Bit Digital by 116.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company’s stock valued at $5,127,000 after buying an additional 943,214 shares during the last quarter. Millennium Management LLC raised its stake in Bit Digital by 30.1% during the 4th quarter. Millennium Management LLC now owns 1,437,250 shares of the company’s stock valued at $4,211,000 after buying an additional 332,513 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in Bit Digital by 2.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 935,629 shares of the company’s stock valued at $2,741,000 after buying an additional 25,592 shares during the last quarter. Northern Trust Corp raised its stake in Bit Digital by 3.6% during the 4th quarter. Northern Trust Corp now owns 756,169 shares of the company’s stock valued at $2,216,000 after buying an additional 26,319 shares during the last quarter. Finally, Two Seas Capital LP raised its stake in Bit Digital by 60.6% during the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock valued at $1,941,000 after buying an additional 250,000 shares during the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Bit Digital Price Performance

Shares of BTBT stock opened at $2.51 on Tuesday. Bit Digital, Inc. has a 1 year low of $1.69 and a 1 year high of $5.74. The firm has a fifty day moving average price of $2.08 and a 200-day moving average price of $3.02. The company has a market cap of $511.42 million, a price-to-earnings ratio of 41.83 and a beta of 5.25.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. Equities research analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BTBT. Craig Hallum began coverage on shares of Bit Digital in a research note on Tuesday, January 21st. They set a “buy” rating and a $6.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Monday.

Bit Digital Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.