Goldman Sachs Group Inc. Sells 993,889 Shares of Bit Digital, Inc. $BTBT

Key Points

• Goldman Sachs Group Inc. reduced its stake in Bit Digital, Inc. by 59.1%, selling 993,889 shares in the first quarter and now holds approximately 0.33% of the company.
• Other institutional investors like Millennium Management and Charles Schwab have increased their holdings in Bit Digital, indicating shifting investor interest surrounding the stock.
• Bit Digital reported earnings matching analyst expectations, with a negative earnings per share of ($0.03) and revenue of $25.66 million, which was below forecasts.

Goldman Sachs Group Inc. trimmed its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 59.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 688,958 shares of the company's stock after selling 993,889 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.33% of Bit Digital worth $1,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Millennium Management LLC grew its stake in shares of Bit Digital by 62.6% during the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company's stock valued at $4,721,000 after buying an additional 899,967 shares during the last quarter. Uniplan Investment Counsel Inc. boosted its holdings in shares of Bit Digital by 203.8% during the 1st quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company's stock worth $2,200,000 after purchasing an additional 730,766 shares during the last quarter. Ieq Capital LLC purchased a new stake in Bit Digital in the first quarter valued at approximately $583,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Bit Digital by 14.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company's stock worth $4,306,000 after acquiring an additional 273,480 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Bit Digital by 12.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company's stock worth $3,971,000 after buying an additional 215,956 shares during the period. Institutional investors own 47.70% of the company's stock.

Bit Digital Stock Performance

Shares of NASDAQ:BTBT remained flat at $3.12 during midday trading on Friday. The stock had a trading volume of 65,734,006 shares, compared to its average volume of 23,369,668. The company has a market capitalization of $1.00 billion, a P/E ratio of -10.06 and a beta of 4.77. Bit Digital, Inc. has a 1 year low of $1.69 and a 1 year high of $5.74. The stock's 50 day moving average price is $2.99 and its 200 day moving average price is $2.55.

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. HC Wainwright restated a "buy" rating and set a $7.00 target price 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 research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $6.33.

Insider Buying and Selling at Bit Digital

In other Bit Digital news, Director Brock Jeffrey Pierce acquired 500,000 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was bought at an average cost of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the transaction, the director owned 500,000 shares of the company's stock, valued at approximately $1,000,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Samir Tabar acquired 750,000 shares of Bit Digital stock in a transaction dated Wednesday, June 25th. The stock was bought at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the completion of the purchase, the chief executive officer owned 2,108,089 shares of the company's stock, valued at approximately $4,216,178. This represents 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.

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.