Bit Digital, Inc. $BTBT Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC grew its stake in Bit Digital, Inc. (NASDAQ:BTBT) by 114.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,359,377 shares of the company’s stock after purchasing an additional 3,932,900 shares during the period. Renaissance Technologies LLC’s holdings in Bit Digital were worth $9,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in Bit Digital during the first quarter worth $8,004,000. Pictet Asset Management Holding SA raised its holdings in shares of Bit Digital by 524.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 597,032 shares of the company’s stock worth $1,128,000 after acquiring an additional 501,423 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Bit Digital by 61.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 691,923 shares of the company’s stock valued at $1,412,000 after acquiring an additional 262,717 shares during the last quarter. KBC Group NV acquired a new position in shares of Bit Digital during the 1st quarter valued at about $672,000. Finally, J. Derek Lewis & Associates Inc. purchased a new stake in shares of Bit Digital in the fourth quarter valued at about $578,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. Craig Hallum reiterated a “buy” rating and issued a $3.50 target price on shares of Bit Digital in a report on Tuesday, July 14th. Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. Finally, Weiss Ratings downgraded shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.12.

Bit Digital Stock Performance

Shares of Bit Digital stock opened at $1.31 on Monday. The firm has a market cap of $457.44 million, a PE ratio of -1.93 and a beta of 4.02. The company has a quick ratio of 6.36, a current ratio of 6.36 and a debt-to-equity ratio of 0.56. Bit Digital, Inc. has a 52 week low of $1.18 and a 52 week high of $4.55. The business’s fifty day simple moving average is $1.76 and its 200-day simple moving average is $1.74.

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

About Bit Digital

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.