Bit Digital, Inc. (NASDAQ:BTBT) CEO Acquires $1,500,000.00 in Stock

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) CEO Samir Tabar purchased 750,000 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were acquired at an average cost of $2.00 per share, with a total value of $1,500,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,108,089 shares in the company, valued at approximately $4,216,178. This represents a 55.22% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Bit Digital Stock Performance

BTBT traded down $0.36 during midday trading on Thursday, hitting $1.99. The company had a trading volume of 97,155,655 shares, compared to its average volume of 14,917,412. Bit Digital, Inc. has a twelve month low of $1.69 and a twelve month high of $5.74. The company has a market capitalization of $414.97 million, a PE ratio of -4.23 and a beta of 5.36. The firm's 50-day simple moving average is $2.29 and its 200-day simple moving average is $2.69.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued 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). Bit Digital had a negative net margin of 77.27% and a negative return on equity of 10.83%. The business had revenue of $25.11 million during the quarter, compared to analyst estimates of $26.38 million. As a group, sell-side analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vident Advisory LLC raised its position 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 acquiring an additional 1,149,727 shares during the last quarter. Millennium Management LLC increased its position in Bit Digital by 62.6% in the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock worth $4,721,000 after purchasing an additional 899,967 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Bit Digital by 14.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company's stock worth $4,306,000 after purchasing an additional 273,480 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Bit Digital by 12.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company's stock worth $3,971,000 after purchasing an additional 215,956 shares during the last quarter. Finally, Uniplan Investment Counsel Inc. lifted its position in Bit Digital by 203.8% during the 1st quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company's stock valued at $2,200,000 after purchasing an additional 730,766 shares during the period. 47.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, HC Wainwright restated a "buy" rating and set a $7.00 target price on shares of Bit Digital in a report on Thursday.

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.

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