J. Derek Lewis & Associates Inc. bought a new stake in shares of Bit Digital, Inc. (NASDAQ:BTBT – Free Report) during the fourth quarter, HoldingsChannel reports. The firm bought 306,000 shares of the company’s stock, valued at approximately $578,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Walleye Trading LLC purchased a new position in Bit Digital during the 2nd quarter valued at about $25,000. Cerity Partners LLC purchased a new stake in Bit Digital in the fourth quarter worth about $26,000. nVerses Capital LLC bought a new position in shares of Bit Digital during the fourth quarter valued at approximately $26,000. Marathon Capital Management bought a new position in shares of Bit Digital during the fourth quarter valued at approximately $28,000. Finally, E6 Portfolios LLC purchased a new position in shares of Bit Digital during the fourth quarter valued at approximately $28,000. 47.70% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
BTBT has been the topic of a number of analyst reports. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Thursday, April 2nd. Weiss Ratings cut Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Zacks Research downgraded Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. Finally, B. Riley Financial reissued a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Two research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Bit Digital currently has a consensus rating of “Hold” and a consensus price target of $5.67.
Bit Digital Stock Performance
Shares of NASDAQ BTBT opened at $2.17 on Friday. The firm’s 50 day moving average price is $1.79 and its 200-day moving average price is $1.86. Bit Digital, Inc. has a 52-week low of $1.25 and a 52-week high of $4.55. The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36. The company has a market cap of $757.74 million, a PE ratio of -3.19 and a beta of 3.98.
Bit Digital (NASDAQ:BTBT – Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The firm had revenue of $27.92 million for the quarter, compared to the consensus estimate of $25.73 million. Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. On average, equities research analysts expect that Bit Digital, Inc. will post -0.39 EPS for the current fiscal year.
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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