Caption Management LLC Sells 599,300 Shares of Bit Digital, Inc. $BTBT

Key Points

• Caption Management LLC drastically reduced its stake in Bit Digital, Inc. by 96.8%, ending the first quarter with only 20,000 shares valued at $40,000 after selling 599,300 shares.
• Other investors, such as Vident Advisory LLC and Charles Schwab Investment Management Inc., increased their holdings in Bit Digital during the same period, indicating varied investor confidence in the company.
• Bit Digital's stock has a consensus rating of “Buy” with a target price of $6.33, despite being down 1.5% recently and reporting a negative net margin of 52.86% in its latest earnings.

Caption Management LLC lowered its position in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 96.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,000 shares of the company's stock after selling 599,300 shares during the quarter. Caption Management LLC's holdings in Bit Digital were worth $40,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. OLD Mission Capital LLC boosted its position in Bit Digital by 112.6% during the first quarter. OLD Mission Capital LLC now owns 22,302 shares of the company's stock valued at $45,000 after acquiring an additional 11,812 shares during the last quarter. Ieq Capital LLC bought a new position in shares of Bit Digital during the 1st quarter worth about $583,000. American Century Companies Inc. boosted its position in shares of Bit Digital by 113.7% during the 1st quarter. American Century Companies Inc. now owns 179,089 shares of the company's stock worth $362,000 after purchasing an additional 95,285 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Bit Digital by 2,892.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company's stock worth $31,000 after purchasing an additional 14,692 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Bit Digital during the 1st quarter worth about $158,000. Institutional investors own 47.70% of the company's stock.

Insider Transactions at Bit Digital

In other news, Director Brock Jeffrey Pierce acquired 500,000 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was purchased at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the purchase, the director owned 500,000 shares in the company, valued at approximately $1,000,000. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Samir Tabar acquired 750,000 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was purchased at an average price of $2.00 per share, with a total value of $1,500,000.00. Following the purchase, the chief executive officer owned 2,108,089 shares in the company, valued at approximately $4,216,178. The trade was a 55.22% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BTBT shares. HC Wainwright reissued a "buy" rating and set a $7.00 price objective on shares of Bit Digital in a research report on Monday, August 18th. Wall Street Zen raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $6.33.

Bit Digital Trading Up 1.2%

Shares of BTBT traded up $0.03 on Friday, reaching $2.51. The company's stock had a trading volume of 15,051,583 shares, compared to its average volume of 21,764,732. Bit Digital, Inc. has a twelve month low of $1.69 and a twelve month high of $5.74. The stock has a market capitalization of $806.79 million, a PE ratio of -8.10 and a beta of 4.77. The firm has a fifty day moving average of $3.02 and a 200-day moving average of $2.53.

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

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.