Allspring Global Investments Holdings LLC Buys New Position in Bit Digital, Inc. $BTBT

Key Points

• Allspring Global Investments bought a new position in Bit Digital during Q1, acquiring 5,799,768 shares valued at about $8.0 million and ending the period with 1.78% ownership.
• Bit Digital shares were down 3.8% to $1.50, leaving the stock near its 52-week low of $1.25 and well below its 52-week high of $4.55.
• The company reported a missed earnings estimate in its latest quarter, posting EPS of -$0.45 versus the expected -$0.04, even though revenue came in above consensus at $27.92 million.

Allspring Global Investments Holdings LLC acquired a new stake in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 5,799,768 shares of the company's stock, valued at approximately $8,004,000. Allspring Global Investments Holdings LLC owned 1.78% of Bit Digital at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of Bit Digital by 686.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,288,068 shares of the company's stock worth $6,864,000 after buying an additional 1,997,304 shares in the last quarter. Pictet Asset Management Holding SA grew its stake 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. increased its stake in shares of Bit Digital by 61.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 691,923 shares of the company's stock worth $1,412,000 after purchasing an additional 262,717 shares in the last quarter. J. Derek Lewis & Associates Inc. purchased a new position in Bit Digital in the 4th quarter valued at approximately $578,000. Finally, UBS Group AG grew its position in shares of Bit Digital by 76.9% in the fourth quarter. UBS Group AG now owns 3,924,240 shares of the company's stock valued at $7,417,000 after purchasing an additional 1,705,579 shares in the last quarter. 47.70% of the stock is currently owned by institutional investors.

Bit Digital Trading Down 3.8%

NASDAQ:BTBT opened at $1.50 on Friday. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. Bit Digital, Inc. has a 12 month low of $1.25 and a 12 month high of $4.55. The company has a market cap of $523.78 million, a PE ratio of -2.21 and a beta of 4.02. The company has a 50 day simple moving average of $1.81 and a two-hundred day simple moving average of $1.78.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted 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 net margin of 145.39% and a negative return on equity of 8.44%. The firm had revenue of $27.92 million during the quarter, compared to the consensus estimate of $25.73 million. Research analysts forecast that Bit Digital, Inc. will post -0.55 earnings per share for the current year.

Analyst Ratings Changes

BTBT has been the topic of a number of analyst reports. Zacks Research raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. Weiss Ratings downgraded Bit Digital from a "sell (d)" rating to a "sell (d-)" rating in a research report on Monday, May 18th. Craig Hallum reaffirmed a "buy" rating and set a $3.50 price objective on shares of Bit Digital in a research note on Tuesday, July 14th. B. Riley Financial reaffirmed a "buy" rating on shares of Bit Digital in a research note on Monday, May 18th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research report on Thursday, April 2nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $5.12.

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.

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