Bit Digital, Inc. $BTBT Shares Acquired by Tidal Investments LLC

Key Points

• Tidal Investments increased its Bit Digital stake by 186.8% in the second quarter, acquiring 1.15 million additional shares and ending with 1.76 million shares, or 0.49% of the company.
• Institutional investors collectively own 47.7% of BTBT. Analyst views are mixed, with three Buy ratings, one Hold, and one Sell; the consensus rating is Hold with a $4.38 price target.
• Bit Digital reported a quarterly loss of $0.31 per share, missing the $0.05 loss estimate, although revenue of $32.11 million exceeded expectations. The stock opened at $1.46 and has traded between $1.18 and $4.55 over the past year.

Tidal Investments LLC boosted its stake in Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 186.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,758,186 shares of the company's stock after buying an additional 1,145,092 shares during the period. Tidal Investments LLC owned 0.49% of Bit Digital worth $3,165,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BTBT. E6 Portfolios LLC bought a new stake in shares of Bit Digital during the 4th quarter worth about $28,000. Simplify Asset Management Inc. bought a new position in shares of Bit Digital in the first quarter valued at approximately $31,000. Essential Partners LLC bought a new position in shares of Bit Digital in the first quarter valued at approximately $35,000. NewEdge Advisors LLC boosted its holdings in shares of Bit Digital by 4,576.3% in the first quarter. NewEdge Advisors LLC now owns 28,058 shares of the company's stock valued at $37,000 after acquiring an additional 27,458 shares in the last quarter. Finally, Abel Hall LLC acquired a new position in shares of Bit Digital during the first quarter valued at approximately $40,000. Institutional investors own 47.70% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Craig Hallum reissued a "buy" rating and set a $3.50 target price on shares of Bit Digital in a report on Tuesday, July 14th. Zacks Research upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Friday, July 17th. Weiss Ratings reissued a "sell (d-)" rating on shares of Bit Digital in a research note on Thursday, August 13th. Finally, HC Wainwright started coverage on Bit Digital in a report on Tuesday, September 8th. They issued a "buy" rating and a $4.00 price objective for the company. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $4.38.

Bit Digital Stock Performance

Shares of BTBT opened at $1.46 on Wednesday. The firm's 50 day moving average is $1.50 and its 200-day moving average is $1.64. The stock has a market capitalization of $526.52 million, a P/E ratio of -1.38 and a beta of 3.97. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.51 and a quick ratio of 1.51. Bit Digital, Inc. has a 12-month low of $1.18 and a 12-month high of $4.55.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.26). The business had revenue of $32.11 million during the quarter, compared to the consensus estimate of $23.58 million. Bit Digital had a negative return on equity of 10.66% and a negative net margin of 237.19%. Equities research analysts anticipate that Bit Digital, Inc. will post -0.56 EPS for the current fiscal year.

About Bit Digital

Bit Digital, Inc NASDAQ: BTBT is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.

In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.

Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.

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