Quantbot Technologies LP Purchases Shares of 96,590 Bit Digital, Inc. (NASDAQ:BTBT)

Quantbot Technologies LP purchased a new position in Bit Digital, Inc. (NASDAQ:BTBT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 96,590 shares of the company’s stock, valued at approximately $283,000.

A number of other hedge funds have also recently modified their holdings of BTBT. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bit Digital by 192.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after purchasing an additional 530,411 shares during the period. Stifel Financial Corp bought a new position in Bit Digital during the 3rd quarter valued at approximately $38,000. SG Americas Securities LLC lifted its holdings in Bit Digital by 427.6% in the 4th quarter. SG Americas Securities LLC now owns 219,520 shares of the company’s stock worth $643,000 after buying an additional 177,911 shares during the period. Geode Capital Management LLC grew its position in shares of Bit Digital by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock worth $8,512,000 after buying an additional 42,375 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Bit Digital by 81.4% during the third quarter. Barclays PLC now owns 235,106 shares of the company’s stock valued at $826,000 after buying an additional 105,484 shares during the period. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on BTBT. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a report on Monday, March 17th. Craig Hallum began coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price target on the stock.

Bit Digital Stock Down 7.5 %

Shares of BTBT stock opened at $2.10 on Friday. The business’s fifty day moving average is $2.78 and its 200 day moving average is $3.41. The stock has a market cap of $322.37 million, a price-to-earnings ratio of 35.00 and a beta of 5.13. Bit Digital, Inc. has a twelve month low of $1.76 and a twelve month high of $5.74.

Bit Digital (NASDAQ:BTBT) last released its earnings results 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). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The business had revenue of $26.10 million during the quarter, compared to analysts’ expectations of $25.06 million. During the same period in the prior year, the company earned ($0.16) earnings per share. Equities research analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Bit Digital 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.