Pictet Asset Management Holding SA Decreases Stock Position in Bit Digital, Inc. $BTBT

Pictet Asset Management Holding SA decreased its position in Bit Digital, Inc. (NASDAQ:BTBT) by 94.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,000 shares of the company’s stock after selling 564,032 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Bit Digital were worth $43,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in BTBT. Walleye Trading LLC acquired a new stake in Bit Digital during the 2nd quarter valued at $25,000. Cerity Partners LLC acquired a new stake in shares of Bit Digital during the fourth quarter valued at about $26,000. nVerses Capital LLC purchased a new stake in shares of Bit Digital during the fourth quarter worth about $26,000. Marathon Capital Management acquired a new position in shares of Bit Digital in the fourth quarter worth about $28,000. Finally, E6 Portfolios LLC purchased a new position in Bit Digital in the fourth quarter valued at about $28,000. 47.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Weiss Ratings downgraded Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Zacks Research cut shares of Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research note on Thursday, April 2nd. Finally, B. Riley Financial reissued a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. Two research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, Bit Digital has a consensus rating of “Hold” and an average price target of $5.67.

Bit Digital Stock Performance

Bit Digital stock opened at $1.64 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36. Bit Digital, Inc. has a 12 month low of $1.25 and a 12 month high of $4.55. The company has a fifty day moving average price of $1.88 and a two-hundred day moving average price of $1.81. The company has a market cap of $572.67 million, a PE ratio of -2.41 and a beta of 4.02.

Bit Digital (NASDAQ:BTBT) last issued its earnings results on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%.The business had revenue of $27.92 million for the quarter, compared to analyst estimates of $25.73 million. Research analysts expect that Bit Digital, Inc. will post -0.55 earnings per share for the current year.

Bit Digital Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.