MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 273,480 Shares of Bit Digital, Inc. $BTBT

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Bit Digital, Inc. by 14.7% in Q1, now owning approximately 1.05% of the company valued at $4.3 million.
• Several institutional investors boosted their positions, including ProShare Advisors LLC increasing by 49.0% and OLD Mission Capital LLC by 112.6% in recent quarters.
• Wall Street analysts have upgraded Bit Digital’s rating to "hold" and set a price target of $7.00, with an overall consensus rating of "Buy."

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 14.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,131,729 shares of the company's stock after acquiring an additional 273,480 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 1.05% of Bit Digital worth $4,306,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cerity Partners LLC bought a new position in shares of Bit Digital during the first quarter worth $25,000. Stifel Financial Corp raised its stake in Bit Digital by 31.0% during the fourth quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock valued at $41,000 after purchasing an additional 3,320 shares in the last quarter. Advance Capital Management Inc. purchased a new stake in Bit Digital during the first quarter valued at $31,000. Caitong International Asset Management Co. Ltd raised its stake in Bit Digital by 2,892.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company's stock valued at $31,000 after purchasing an additional 14,692 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in Bit Digital during the fourth quarter valued at $46,000. Institutional investors own 47.70% of the company's stock.

Bit Digital Price Performance

Shares of BTBT traded down $0.02 during midday trading on Wednesday, hitting $2.95. The stock had a trading volume of 2,990,594 shares, compared to its average volume of 24,031,461. The firm has a market cap of $946.61 million, a PE ratio of -9.50 and a beta of 4.77. Bit Digital, Inc. has a 1 year low of $1.69 and a 1 year high of $5.74. The stock's 50 day moving average is $3.02 and its 200 day moving average is $2.54.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $25.66 million for the quarter, compared to the consensus estimate of $27.46 million. Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. As a group, equities research analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Brock Jeffrey Pierce purchased 500,000 shares of Bit Digital stock in a transaction that occurred on Wednesday, June 25th. The shares were bought at an average price of $2.00 per share, with a total value of $1,000,000.00. Following the purchase, the director directly owned 500,000 shares of the company's stock, valued at approximately $1,000,000. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Samir Tabar bought 750,000 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were acquired at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the acquisition, the chief executive officer owned 2,108,089 shares in the company, valued at $4,216,178. This represents a 55.22% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

BTBT has been the topic of a number of recent research reports. Wall Street Zen raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 16th. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research note on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $6.33.

Bit Digital 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.