Bit Digital, Inc. (NASDAQ:BTBT) Director Acquires $1,000,000.00 in Stock

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) Director Brock Jeffrey Pierce bought 500,000 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was bought at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the completion of the purchase, the director now directly owns 500,000 shares in the company, valued at approximately $1,000,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Bit Digital Price Performance

Shares of BTBT stock traded up $0.11 during trading on Friday, hitting $2.10. 23,545,839 shares of the stock traded hands, compared to its average volume of 14,924,654. Bit Digital, Inc. has a 52-week low of $1.69 and a 52-week high of $5.74. The firm has a market capitalization of $436.87 million, a P/E ratio of -4.46 and a beta of 5.36. The firm's fifty day moving average price is $2.29 and its 200-day moving average price is $2.67.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The company had revenue of $25.11 million during the quarter, compared to analysts' expectations of $26.38 million. Bit Digital had a negative return on equity of 10.83% and a negative net margin of 77.27%. As a group, equities research analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Cerity Partners LLC acquired a new position in shares of Bit Digital in the 1st quarter worth approximately $25,000. OLD Mission Capital LLC purchased a new position in shares of Bit Digital during the fourth quarter worth $31,000. Advance Capital Management Inc. acquired a new stake in shares of Bit Digital in the first quarter valued at $31,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Bit Digital by 2,892.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company's stock valued at $31,000 after buying an additional 14,692 shares during the period. Finally, Cibc World Markets Corp purchased a new stake in shares of Bit Digital in the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 47.70% of the company's stock.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a "buy" rating and issued a $7.00 price objective 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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