UBS Group AG increased its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT – Free Report) by 76.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,924,240 shares of the company’s stock after purchasing an additional 1,705,579 shares during the period. UBS Group AG owned approximately 1.21% of Bit Digital worth $7,417,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Walleye Trading LLC acquired a new stake in Bit Digital during the 2nd quarter worth $25,000. Marathon Capital Management bought a new stake in shares of Bit Digital during the fourth quarter worth $28,000. Hamilton Wealth LLC bought a new stake in shares of Bit Digital during the third quarter worth $30,000. Rafferty Asset Management LLC acquired a new stake in shares of Bit Digital during the third quarter worth $33,000. Finally, Mackenzie Financial Corp bought a new stake in Bit Digital in the 3rd quarter valued at $34,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.
Bit Digital Stock Down 5.8%
Shares of BTBT opened at $1.70 on Tuesday. The firm has a 50 day simple moving average of $1.59 and a two-hundred day simple moving average of $1.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.39 and a quick ratio of 6.39. Bit Digital, Inc. has a one year low of $1.25 and a one year high of $4.55. The company has a market cap of $555.19 million, a P/E ratio of -3.09 and a beta of 3.95.
Analysts Set New Price Targets
BTBT has been the topic of several research reports. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a research note on Monday. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research note on Thursday, April 2nd. Weiss Ratings downgraded shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, March 30th. Finally, Zacks Research lowered Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $5.67.
Get Our Latest Stock Report on Bit Digital
Bit Digital Company Profile
Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.
To support its mining activities, Bit Digital maintains multiple data center facilities across North America.
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