Ieq Capital LLC Takes $583,000 Position in Bit Digital, Inc. $BTBT

Key Points

• Ieq Capital LLC acquired approximately 288,795 shares of Bit Digital, Inc. for about $583,000, owning around 0.14% of the company post-purchase.
• Bit Digital, Inc. reported a quarterly EPS of ($0.03) and revenue of $25.66 million, but fell short of consensus estimates.
• Wall Street analysts have a consensus "Buy" rating for Bit Digital, with an average target price of $6.33, indicating positive sentiment towards the stock.

Ieq Capital LLC purchased a new position in Bit Digital, Inc. (NASDAQ:BTBT - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 288,795 shares of the company's stock, valued at approximately $583,000. Ieq Capital LLC owned approximately 0.14% of Bit Digital as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Cerity Partners LLC purchased a new position in shares of Bit Digital during the first quarter worth approximately $25,000. Stifel Financial Corp raised its position in shares of Bit Digital by 31.0% during the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock worth $41,000 after purchasing an additional 3,320 shares during the last quarter. Advance Capital Management Inc. purchased a new position in Bit Digital in the 1st quarter valued at about $31,000. Caitong International Asset Management Co. Ltd grew its stake in 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 valued at $31,000 after acquiring an additional 14,692 shares in 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 valued at $46,000 after purchasing an additional 7,395 shares during the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Bit Digital Price Performance

Shares of NASDAQ:BTBT traded up $0.08 during midday trading on Monday, reaching $2.59. The company's stock had a trading volume of 13,689,333 shares, compared to its average volume of 24,032,207. The company has a market capitalization of $830.90 million, a P/E ratio of -8.34 and a beta of 4.77. Bit Digital, Inc. has a fifty-two week low of $1.69 and a fifty-two week high of $5.74. The business's fifty day simple moving average is $3.02 and its 200-day simple moving average is $2.52.

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, hitting analysts' consensus estimates of ($0.03). The firm had revenue of $25.66 million during the quarter, compared to the consensus estimate of $27.46 million. Bit Digital had a negative return on equity of 9.90% and a negative net margin of 52.86%. On average, analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Bit Digital news, CEO Samir Tabar bought 750,000 shares of the firm's stock in a transaction on Wednesday, June 25th. The shares were acquired at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the purchase, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brock Jeffrey Pierce bought 500,000 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were bought at an average price of $2.00 per share, with a total value of $1,000,000.00. Following the completion of the acquisition, the director directly owned 500,000 shares in the company, valued at $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BTBT shares. 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. HC Wainwright reissued a "buy" rating and set a $7.00 target price on shares of Bit Digital in a research report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. Based on data from MarketBeat.com, Bit Digital has an average rating of "Buy" and an average target price of $6.33.

Bit Digital 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.