Van ECK Associates Corp decreased its holdings in Bit Digital, Inc. (NASDAQ:BTBT – Free Report) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,596,730 shares of the company’s stock after selling 137,851 shares during the quarter. Van ECK Associates Corp owned 1.94% of Bit Digital worth $2,459,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Exchange Traded Concepts LLC increased its position in Bit Digital by 3.9% in the first quarter. Exchange Traded Concepts LLC now owns 1,251,754 shares of the company’s stock worth $1,928,000 after purchasing an additional 47,188 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Bit Digital by 157.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,899,139 shares of the company’s stock worth $1,139,000 after purchasing an additional 1,162,521 shares during the last quarter. State Street Corp increased its position in Bit Digital by 37.6% during the third quarter. State Street Corp now owns 90,134 shares of the company’s stock valued at $108,000 after acquiring an additional 24,647 shares during the last quarter. Marshall Wace LLP bought a new position in Bit Digital during the third quarter valued at $91,000. Finally, Millennium Management LLC purchased a new stake in shares of Bit Digital during the second quarter valued at $80,000. Hedge funds and other institutional investors own 9.62% of the company’s stock.
Wall Street Analysts Forecast Growth
Separately, HC Wainwright upped their price objective on shares of Bit Digital from $3.00 to $4.00 in a report on Wednesday, June 14th.
Bit Digital Price Performance
Shares of NASDAQ BTBT opened at $4.14 on Thursday. The stock has a market capitalization of $341.47 million, a price-to-earnings ratio of -3.39 and a beta of 4.42. Bit Digital, Inc. has a 12 month low of $0.53 and a 12 month high of $4.80. The firm’s 50 day simple moving average is $3.75 and its 200-day simple moving average is $2.36.
Bit Digital (NASDAQ:BTBT – Get Free Report) last issued its quarterly earnings data on Monday, June 12th. The company reported ($0.03) EPS for the quarter. The firm had revenue of $8.27 million for the quarter, compared to analyst estimates of $7.50 million. Bit Digital had a negative return on equity of 82.71% and a negative net margin of 304.42%. Analysts anticipate that Bit Digital, Inc. will post -0.32 earnings per share for the current fiscal year.
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. The company was formerly known as Golden Bull Limited and changed its name to Bit Digital, Inc in September 2020.
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