Bit Digital, Inc. $BTBT Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in Bit Digital, Inc. by 10.3% during the first quarter, owning approximately 3.10% of the company at the quarter's end.
• CEO Samir Tabar acquired 750,000 shares of Bit Digital stock in June, significantly increasing his ownership in the company.
• Wall Street analysts have shifted their ratings on Bit Digital, with some upgrading it from a "strong sell" to a "hold" and maintaining a target price of $7.00 on the stock.

Invesco Ltd. decreased its position in Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 10.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,316,216 shares of the company's stock after selling 721,739 shares during the quarter. Invesco Ltd. owned 3.10% of Bit Digital worth $12,759,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Stifel Financial Corp increased its stake in Bit Digital by 31.0% during the fourth quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock valued at $41,000 after purchasing an additional 3,320 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Bit Digital by 10.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 44,846 shares of the company's stock worth $132,000 after buying an additional 4,389 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Bit Digital by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 61,711 shares of the company's stock valued at $125,000 after buying an additional 6,195 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of 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 buying an additional 7,395 shares during the period. Finally, ProShare Advisors LLC grew its position in shares of Bit Digital by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 33,753 shares of the company's stock valued at $99,000 after buying an additional 11,107 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BTBT. Wall Street Zen raised shares of 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 set a $7.00 price target on shares of Bit Digital in a research report on Monday, August 18th. One equities research 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, the company presently has an average rating of "Buy" and an average target price of $6.33.

Bit Digital Stock Performance

Shares of NASDAQ:BTBT traded down $0.04 during trading hours on Friday, hitting $2.57. The stock had a trading volume of 20,951,998 shares, compared to its average volume of 29,058,800. The stock's fifty day simple moving average is $2.99 and its 200 day simple moving average is $2.54. The firm has a market capitalization of $826.08 million, a price-to-earnings ratio of -8.29 and a beta of 4.90. 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 quarterly earnings data on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting 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 business had revenue of $25.66 million during the quarter, compared to the consensus estimate of $27.46 million. As a group, research analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Samir Tabar acquired 750,000 shares of the business's stock in a transaction that occurred 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 completion of the purchase, the chief executive officer directly 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 acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Brock Jeffrey Pierce acquired 500,000 shares of Bit Digital stock in a transaction that occurred on Wednesday, June 25th. The stock was bought at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the acquisition, the director directly owned 500,000 shares of the company's stock, valued at approximately $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.80% of the company's stock.

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.