Bit Digital, Inc. $BTBT Shares Purchased by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Bit Digital, Inc. by 12.3% in Q1, owning 1,965,801 shares worth approximately $3.97 million.
• Bit Digital's stock is currently down 4.7% with a market cap of $838.93 million, and analysts have a consensus price target of $6.33.
• Insiders, including CEO Samir Tabar, have significantly increased their ownership in the company, with Tabar acquiring 750,000 shares for $1.5 million.

Charles Schwab Investment Management Inc. increased its position in Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 12.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,965,801 shares of the company's stock after acquiring an additional 215,956 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.96% of Bit Digital worth $3,971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cerity Partners LLC acquired a new stake in Bit Digital during the 1st quarter worth about $25,000. Advance Capital Management Inc. purchased a new position in shares of Bit Digital in the 1st quarter valued at about $31,000. Byrne Asset Management LLC increased its stake in shares of Bit Digital by 207.7% in the 1st quarter. Byrne Asset Management LLC now owns 17,538 shares of the company's stock valued at $35,000 after purchasing an additional 11,838 shares in the last quarter. Stifel Financial Corp boosted its holdings in Bit Digital by 31.0% in the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock worth $41,000 after buying an additional 3,320 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Bit Digital by 90.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company's stock worth $46,000 after buying an additional 7,395 shares during the last quarter. Hedge funds and other institutional investors own 47.70% of the company's stock.

Insider Activity at Bit Digital

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

Analysts Set New Price Targets

BTBT has been the topic of several research analyst reports. Wall Street Zen upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a report on Saturday, August 16th. HC Wainwright reiterated a "buy" rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $6.33.

Bit Digital Stock Down 4.2%

Shares of Bit Digital stock traded down $0.11 on Wednesday, hitting $2.50. 29,296,066 shares of the company were exchanged, compared to its average volume of 27,556,778. The stock has a market capitalization of $803.58 million, a price-to-earnings ratio of -8.06 and a beta of 4.77. The company has a 50-day moving average price of $3.00 and a 200 day moving average price of $2.53. Bit Digital, Inc. has a 1-year low of $1.69 and a 1-year high of $5.74.

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