176,494 Shares in Bit Digital, Inc. $BTBT Acquired by Deutsche Bank AG

Key Points

• Deutsche Bank AG acquired a new position in Bit Digital, Inc. by purchasing 176,494 shares valued at approximately $357,000, representing 0.09% of the company.
• Several hedge funds, including LPL Financial and Wells Fargo, have significantly increased their stakes in Bit Digital during the fourth quarter, indicating growing institutional interest.
• Bit Digital reported a negative net margin of 52.86% and a PE ratio of -8.42 in its latest earnings report, with revenue falling short of analysts' expectations.

Deutsche Bank AG purchased a new position in Bit Digital, Inc. (NASDAQ:BTBT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 176,494 shares of the company's stock, valued at approximately $357,000. Deutsche Bank AG owned 0.09% of Bit Digital at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BTBT. Cerity Partners LLC bought a new stake in shares of Bit Digital during the first quarter valued at approximately $25,000. Advance Capital Management Inc. purchased a new position in Bit Digital during the first quarter valued at $31,000. Byrne Asset Management LLC grew its stake in Bit Digital by 207.7% during the first quarter. Byrne Asset Management LLC now owns 17,538 shares of the company's stock valued at $35,000 after acquiring an additional 11,838 shares in the last quarter. Stifel Financial Corp increased 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 valued at $41,000 after acquiring an additional 3,320 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake 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 purchasing an additional 7,395 shares in the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Bit Digital Stock Down 4.2%

NASDAQ BTBT traded down $0.11 during trading on Wednesday, hitting $2.50. 29,296,066 shares of the stock traded hands, compared to its average volume of 27,556,778. The company has a market capitalization of $803.58 million, a P/E ratio of -8.06 and a beta of 4.77. The firm has a 50-day simple moving average of $3.00 and a 200-day simple moving average of $2.53. Bit Digital, Inc. has a 12-month low of $1.69 and a 12-month high of $5.74.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). The business had revenue of $25.66 million during 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%. As a group, research analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BTBT. HC Wainwright restated 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 upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a report on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $6.33.

About Bit Digital

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.