Saba Capital Management L.P. Cuts Stock Position in BTC Development Corp. $BDCI

Key Points

• Saba Capital Management cut its BTC Development position by 22.8% in the first quarter, selling 119,873 shares and retaining 405,127 shares worth approximately $4.05 million, or 1.33% of the company.
• Several institutional investors initiated positions in BTC Development during the fourth quarter, including Periscope Capital, Wealthspring Capital, Highbridge Capital Management and Picton Mahoney Asset Management.
• BDCI shares were nearly unchanged at $10.07, while the company reported quarterly EPS of $0.05. The stock carries a consensus “Sell” rating, and BTC Development remains a blank-check company without an identified acquisition target.

Saba Capital Management L.P. lessened its position in shares of BTC Development Corp. (NASDAQ:BDCI - Free Report) by 22.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 405,127 shares of the company's stock after selling 119,873 shares during the quarter. Saba Capital Management L.P. owned about 1.33% of BTC Development worth $4,047,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BDCI. ABC Arbitrage SA acquired a new stake in BTC Development in the fourth quarter valued at approximately $200,000. Wealthspring Capital LLC purchased a new position in BTC Development in the fourth quarter worth $3,346,000. Periscope Capital Inc. acquired a new position in shares of BTC Development during the fourth quarter worth $4,943,000. Highbridge Capital Management LLC acquired a new position in shares of BTC Development during the fourth quarter worth $3,004,000. Finally, Picton Mahoney Asset Management purchased a new stake in shares of BTC Development during the 4th quarter valued at $200,000.

BTC Development Trading Down 0.1%

Shares of BTC Development stock opened at $10.07 on Tuesday. The firm's 50 day simple moving average is $10.07 and its two-hundred day simple moving average is $10.04. The firm has a market capitalization of $305.62 million and a price-to-earnings ratio of 40.28. BTC Development Corp. has a 12-month low of $9.96 and a 12-month high of $10.26.

BTC Development (NASDAQ:BDCI - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.05 EPS for the quarter.

Analyst Ratings Changes

Separately, Weiss Ratings raised BTC Development from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 13th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of "Sell".

BTC Development Profile

We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination involving one or more businesses or assets, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited to organizational activities as well as activities related to this offering. We have not identified any acquisition target and we have not, nor has anyone on our behalf, initiated any discussions, directly or indirectly, with respect to identifying any acquisition target.

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