Bit Digital, Inc. (NASDAQ:BTBT) Director Buys $1,000,000.00 in Stock

Bit Digital, Inc. (NASDAQ:BTBT) Director Brock Jeffrey Pierce purchased 500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The shares were bought at an average price of $2.00 per share, with a total value of $1,000,000.00. Following the acquisition, the director now directly owns 500,000 shares of the company’s stock, valued at $1,000,000. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Bit Digital Stock Up 1.0%

Bit Digital stock opened at $2.01 on Friday. Bit Digital, Inc. has a 52 week low of $1.69 and a 52 week high of $5.74. The company’s 50 day moving average price is $2.30 and its two-hundred day moving average price is $2.66. The stock has a market cap of $419.15 million, a P/E ratio of -4.28 and a beta of 5.36.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $25.11 million for the quarter, compared to analyst estimates of $26.38 million. Bit Digital had a negative return on equity of 10.83% and a negative net margin of 77.27%. On average, equities analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vident Advisory LLC raised its position in Bit Digital by 56.2% in the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock worth $9,360,000 after acquiring an additional 1,149,727 shares during the period. Millennium Management LLC increased its stake in shares of Bit Digital by 62.6% during the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after purchasing an additional 899,967 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Bit Digital by 14.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company’s stock worth $4,306,000 after purchasing an additional 273,480 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Bit Digital by 12.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company’s stock valued at $3,971,000 after purchasing an additional 215,956 shares during the last quarter. Finally, Uniplan Investment Counsel Inc. grew its holdings in Bit Digital by 203.8% during the first quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company’s stock valued at $2,200,000 after purchasing an additional 730,766 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a report on Thursday.

Bit Digital Company 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.