Bit Digital, Inc. (NASDAQ:BTBT) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its stake in Bit Digital, Inc. (NASDAQ:BTBT) by 2.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 287,566 shares of the company’s stock after buying an additional 6,621 shares during the quarter. Bank of New York Mellon Corp’s holdings in Bit Digital were worth $843,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BTBT. Rhumbline Advisers raised its stake in shares of Bit Digital by 4.5% in the 4th quarter. Rhumbline Advisers now owns 156,715 shares of the company’s stock valued at $459,000 after acquiring an additional 6,809 shares during the period. Redmond Asset Management LLC increased its holdings in Bit Digital by 3.0% in the 4th quarter. Redmond Asset Management LLC now owns 259,381 shares of the company’s stock valued at $760,000 after purchasing an additional 7,500 shares during the last quarter. Tidal Investments LLC raised its position in Bit Digital by 22.0% in the third quarter. Tidal Investments LLC now owns 45,800 shares of the company’s stock valued at $161,000 after purchasing an additional 8,250 shares during the period. Stifel Financial Corp purchased a new stake in Bit Digital in the third quarter valued at approximately $38,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Bit Digital during the fourth quarter worth $39,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BTBT. Craig Hallum initiated coverage on Bit Digital in a research note on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a report on Monday, March 17th.

Bit Digital Price Performance

BTBT stock opened at $2.37 on Wednesday. Bit Digital, Inc. has a 1 year low of $1.76 and a 1 year high of $5.74. The firm has a market capitalization of $363.82 million, a P/E ratio of 39.50 and a beta of 5.13. The business’s 50-day moving average is $2.87 and its two-hundred day moving average is $3.43.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The firm had revenue of $26.10 million during the quarter, compared to analyst estimates of $25.06 million. During the same period last year, the business earned ($0.16) EPS. On average, analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current 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. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.