Mitsubishi UFJ Asset Management Co. Ltd. Raises Stake in Bit Digital, Inc. (NASDAQ:BTBT)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 11.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 61,711 shares of the company’s stock after buying an additional 6,195 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Bit Digital were worth $125,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BTBT. Vident Advisory LLC grew its holdings in shares of Bit Digital by 56.2% during the fourth quarter. Vident Advisory LLC now owns 3,194,409 shares of the company’s stock worth $9,360,000 after buying an additional 1,149,727 shares in the last quarter. Millennium Management LLC grew its holdings in Bit Digital by 30.1% in the fourth quarter. Millennium Management LLC now owns 1,437,250 shares of the company’s stock valued at $4,211,000 after purchasing an additional 332,513 shares during the period. Jump Financial LLC purchased a new stake in Bit Digital in the fourth quarter valued at approximately $887,000. Two Seas Capital LP grew its holdings in Bit Digital by 60.6% in the fourth quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock valued at $1,941,000 after purchasing an additional 250,000 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Bit Digital by 12.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company’s stock valued at $3,971,000 after purchasing an additional 215,956 shares during the period. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Bit Digital news, Director Brock Jeffrey Pierce purchased 500,000 shares of Bit Digital stock in a transaction on Wednesday, June 25th. The shares were purchased at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the completion of the transaction, the director directly owned 500,000 shares in the company, valued at approximately $1,000,000. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Samir Tabar purchased 750,000 shares of Bit Digital stock in a transaction on Wednesday, June 25th. The shares were acquired at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the transaction, the chief executive officer owned 2,108,089 shares of the company’s stock, valued at $4,216,178. This represents a 55.22% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.80% of the company’s stock.

Bit Digital Stock Up 0.6%

Shares of BTBT stock opened at $3.19 on Friday. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -6.79 and a beta of 4.90. Bit Digital, Inc. has a fifty-two week low of $1.69 and a fifty-two week high of $5.74. The firm’s 50 day moving average price is $2.94 and its two-hundred day moving average price is $2.57.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The firm had revenue of $25.11 million for the quarter, compared to analysts’ expectations of $26.38 million. Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. On average, equities analysts forecast that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a report on Thursday, June 26th.

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.