CCG Wealth Management LLC Purchases New Position in Bit Digital, Inc. $BTBT

CCG Wealth Management LLC purchased a new stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) in the 2nd quarter, Holdings Channel reports. The fund purchased 56,000 shares of the company’s stock, valued at approximately $123,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC bought a new position in Bit Digital during the 1st quarter valued at about $25,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Bit Digital by 2,892.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company’s stock worth $31,000 after acquiring an additional 14,692 shares during the last quarter. Plancorp LLC raised its stake in shares of Bit Digital by 34.8% in the second quarter. Plancorp LLC now owns 15,500 shares of the company’s stock worth $34,000 after acquiring an additional 4,000 shares during the last quarter. Byrne Asset Management LLC raised its stake in shares of Bit Digital by 207.7% in the first quarter. Byrne Asset Management LLC now owns 17,538 shares of the company’s stock worth $35,000 after acquiring an additional 11,838 shares during the last quarter. Finally, OLD Mission Capital LLC raised its stake in shares of Bit Digital by 112.6% in the first quarter. OLD Mission Capital LLC now owns 22,302 shares of the company’s stock worth $45,000 after acquiring an additional 11,812 shares during the last quarter. 47.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research note on Monday, August 18th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Bit Digital in a research note on Wednesday. Finally, Wall Street Zen raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Bit Digital currently has an average rating of “Moderate Buy” and an average price target of $6.33.

Bit Digital Price Performance

BTBT opened at $3.76 on Friday. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -12.13 and a beta of 4.77. The firm has a 50 day simple moving average of $3.03 and a 200 day simple moving average of $2.66. Bit Digital, Inc. has a fifty-two week low of $1.69 and a fifty-two week high of $5.74.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $25.66 million during the quarter, compared to the consensus estimate of $27.46 million. Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. As a group, analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current year.

About Bit Digital

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.