Cibc World Markets Corp Makes New $33,000 Investment in Bit Digital, Inc. (NASDAQ:BTBT)

Cibc World Markets Corp purchased a new position in Bit Digital, Inc. (NASDAQ:BTBT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 11,215 shares of the company’s stock, valued at approximately $33,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Bank of New York Mellon Corp raised its stake in Bit Digital by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 287,566 shares of the company’s stock worth $843,000 after acquiring an additional 6,621 shares during the period. Rhumbline Advisers raised its position in shares of Bit Digital by 4.5% during the 4th quarter. Rhumbline Advisers now owns 156,715 shares of the company’s stock worth $459,000 after purchasing an additional 6,809 shares during the period. Redmond Asset Management LLC raised its position in shares of Bit Digital by 3.0% during the 4th quarter. Redmond Asset Management LLC now owns 259,381 shares of the company’s stock worth $760,000 after purchasing an additional 7,500 shares during the period. Tidal Investments LLC lifted its holdings in shares of Bit Digital by 22.0% in the 3rd quarter. Tidal Investments LLC now owns 45,800 shares of the company’s stock worth $161,000 after purchasing an additional 8,250 shares during the last quarter. Finally, Stifel Financial Corp acquired a new position in Bit Digital during the 3rd quarter valued at approximately $38,000. 47.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BTBT has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Monday, March 17th. Craig Hallum assumed coverage on shares of Bit Digital in a report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price objective on the stock.

Bit Digital Price Performance

Shares of Bit Digital stock opened at $2.10 on Friday. Bit Digital, Inc. has a 1-year low of $1.76 and a 1-year high of $5.74. The business’s fifty day moving average price is $2.78 and its two-hundred day moving average price is $3.41. The company has a market capitalization of $322.37 million, a P/E ratio of 35.00 and a beta of 5.13.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). The company had revenue of $26.10 million for the quarter, compared to the consensus estimate of $25.06 million. Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. During the same quarter in the prior year, the firm earned ($0.16) earnings per share. On average, research analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal 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.