Invesco Ltd. Has $12.76 Million Position in Bit Digital, Inc. $BTBT

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% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 6,316,216 shares of the company's stock after selling 721,739 shares during the period. Invesco Ltd. owned about 3.10% of Bit Digital worth $12,759,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vident Advisory LLC boosted its stake in shares of Bit Digital by 56.2% during the 4th quarter. Vident Advisory LLC now owns 3,194,409 shares of the company's stock worth $9,360,000 after purchasing an additional 1,149,727 shares during the last quarter. Millennium Management LLC raised its position in shares of Bit Digital by 30.1% in the 4th quarter. Millennium Management LLC now owns 1,437,250 shares of the company's stock worth $4,211,000 after buying an additional 332,513 shares during the period. Two Seas Capital LP grew its holdings in shares of Bit Digital by 60.6% during the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company's stock worth $1,941,000 after purchasing an additional 250,000 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Bit Digital by 12.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company's stock worth $3,971,000 after purchasing an additional 215,956 shares during the period. Finally, Deutsche Bank AG acquired a new position in shares of Bit Digital during the first quarter worth $357,000. Institutional investors and hedge funds own 47.70% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. 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 reissued a "buy" rating and set a $7.00 target price on shares of Bit Digital in a research note on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Bit Digital currently has a consensus rating of "Buy" and an average target price of $6.33.

Insider Buying and Selling

In related news, CEO Samir Tabar acquired 750,000 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were purchased at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the purchase, the chief executive officer owned 2,108,089 shares in the company, valued at $4,216,178. This represents a 55.22% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brock Jeffrey Pierce bought 500,000 shares of the firm's stock in a transaction on Wednesday, June 25th. The shares were bought at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the purchase, the director directly owned 500,000 shares in the company, 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.

Bit Digital Trading Down 3.5%

Shares of BTBT traded down $0.10 during midday trading on Thursday, hitting $2.65. The stock had a trading volume of 16,379,588 shares, compared to its average volume of 24,161,213. The business has a 50-day simple moving average of $2.98 and a two-hundred day simple moving average of $2.55. The firm has a market cap of $850.18 million, a P/E ratio of -8.53 and a beta of 4.90. Bit Digital, Inc. has a fifty-two week low of $1.69 and a fifty-two week high of $5.74.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, hitting analysts' consensus estimates of ($0.03). The firm had revenue of $25.66 million during the quarter, compared to analyst estimates 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 expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal 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.