Deutsche Bank AG Purchases New Stake in Bit Digital, Inc. $BTBT

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 bought a new position in Bit Digital, Inc. (NASDAQ:BTBT - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 176,494 shares of the company's stock, valued at approximately $357,000. Deutsche Bank AG owned 0.09% of Bit Digital as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its stake in Bit Digital by 12.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company's stock valued at $3,971,000 after buying an additional 215,956 shares during the period. Arkadios Wealth Advisors bought a new stake in Bit Digital in the 1st quarter valued at about $112,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Bit Digital during the 1st quarter worth approximately $354,000. Private Advisor Group LLC purchased a new position in shares of Bit Digital in the 1st quarter worth approximately $53,000. Finally, Ballentine Partners LLC boosted its position in Bit Digital by 87.8% during the first quarter. Ballentine Partners LLC now owns 25,371 shares of the company's stock worth $51,000 after purchasing an additional 11,862 shares during the period. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insiders Place Their Bets

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

Bit Digital Stock Performance

NASDAQ BTBT traded down $0.04 during mid-day trading on Friday, reaching $2.57. 20,951,998 shares of the stock were exchanged, compared to its average volume of 29,090,214. The business's 50 day moving average is $2.99 and its 200-day moving average is $2.54. 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 announced 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). 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 during the quarter, compared to analyst estimates of $27.46 million. On average, research analysts predict that Bit Digital, Inc. will post -0.2 earnings per share 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.