Bit Digital, Inc. $BTBT Shares Purchased by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its Bit Digital stake by 114.8% in the first quarter, adding 3.93 million shares to own 7.36 million shares, or approximately 2.25% of the company. Institutional investors and hedge funds collectively hold 47.7% of BTBT.
• Analyst sentiment is mixed: three analysts rate the stock Buy, one rates it Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $5.12.
• Bit Digital opened at $1.31 and remains financially challenged, reporting a quarterly loss of $0.45 per share versus an expected loss of $0.04, alongside a negative net margin of 145.39%.

Renaissance Technologies LLC boosted its position in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 114.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,359,377 shares of the company's stock after buying an additional 3,932,900 shares during the quarter. Renaissance Technologies LLC owned approximately 2.25% of Bit Digital worth $9,641,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Walleye Trading LLC purchased a new stake in shares of Bit Digital during the 2nd quarter worth about $25,000. Cerity Partners LLC purchased a new position in Bit Digital during the fourth quarter worth approximately $26,000. nVerses Capital LLC acquired a new stake in Bit Digital in the fourth quarter valued at approximately $26,000. E6 Portfolios LLC acquired a new stake in Bit Digital in the fourth quarter valued at approximately $28,000. Finally, Marathon Capital Management purchased a new stake in shares of Bit Digital in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 47.70% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on BTBT shares. Weiss Ratings lowered Bit Digital from a "sell (d)" rating to a "sell (d-)" rating in a research report on Monday, May 18th. B. Riley Financial restated a "buy" rating on shares of Bit Digital 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 report on Tuesday, July 14th. Finally, Zacks Research upgraded shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Bit Digital presently has an average rating of "Hold" and a consensus target price of $5.12.

Bit Digital Stock Performance

Shares of NASDAQ:BTBT opened at $1.31 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36. The business's 50 day moving average price is $1.76 and its 200-day moving average price is $1.74. The firm has a market capitalization of $457.44 million, a PE ratio of -1.93 and a beta of 4.02. Bit Digital, Inc. has a 1 year low of $1.18 and a 1 year high of $4.55.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $25.73 million. As a group, equities research analysts expect that Bit Digital, Inc. will post -0.55 earnings per share for the current fiscal year.

Bit Digital Profile

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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