Uniplan Investment Counsel Inc. Has $2.20 Million Stock Position in Bit Digital, Inc. $BTBT

Key Points

• Uniplan Investment Counsel Inc. significantly increased its stake in Bit Digital, Inc. by 203.8% in the first quarter, owning approximately 1,089,300 shares valued at $2.2 million.
• Several other institutional investors, including Millennium Management and AQR Capital Management, also ramped up their positions in Bit Digital, highlighting growing interest among hedge funds.
• Bit Digital's stock currently holds a consensus price target of $6.33, with analysts generally rating it as a "Buy" following recent upgrades, including by Wall Street Zen.

Uniplan Investment Counsel Inc. grew its position in Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 203.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,089,300 shares of the company's stock after purchasing an additional 730,766 shares during the period. Uniplan Investment Counsel Inc. owned about 0.53% of Bit Digital worth $2,200,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. ProShare Advisors LLC increased its position in Bit Digital by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 33,753 shares of the company's stock worth $99,000 after purchasing an additional 11,107 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Bit Digital in the 4th quarter worth about $46,000. Tower Research Capital LLC TRC increased its position 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 worth $46,000 after purchasing an additional 7,395 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of Bit Digital during the 1st quarter worth about $357,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Bit Digital during the 1st quarter worth about $354,000. 47.70% of the stock is owned by institutional investors and hedge funds.

Bit Digital Stock Performance

Shares of BTBT traded up $0.19 during mid-day trading on Wednesday, hitting $2.96. The company's stock had a trading volume of 35,415,165 shares, compared to its average volume of 24,223,193. Bit Digital, Inc. has a one year low of $1.69 and a one year high of $5.74. The firm has a market capitalization of $951.44 million, a PE ratio of -9.55 and a beta of 4.77. The stock's 50-day moving average is $3.04 and its two-hundred day moving average is $2.52.

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. HC Wainwright reiterated a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research note on Monday, August 18th. Wall Street Zen upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a research note 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 stock. Based on data from MarketBeat.com, Bit Digital presently has a consensus rating of "Buy" and a consensus target price of $6.33.

Insider Transactions at Bit Digital

In other news, CEO Samir Tabar purchased 750,000 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was purchased at an average price of $2.00 per share, with a total value of $1,500,000.00. Following the acquisition, the chief executive officer directly owned 2,108,089 shares in the company, valued at approximately $4,216,178. The trade was a 55.22% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Brock Jeffrey Pierce purchased 500,000 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was purchased at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the acquisition, the director owned 500,000 shares in the company, valued at approximately $1,000,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.80% of the stock is currently owned by corporate insiders.

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.