Bit Digital, Inc. $BTBT Shares Sold by Vident Advisory LLC

Key Points

• Vident Advisory LLC reduced its stake in Bit Digital, Inc. by 9.7%, now owning approximately 2.89 million shares valued at $5.83 million.
• Institutional investors and hedge funds collectively hold 47.70% of Bit Digital's stock, reflecting increased activity in the company.
• Bit Digital's stock has seen a 1.5% decline recently, with a current price of $2.57 and a market cap of approximately $826 million.

Vident Advisory LLC trimmed its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,885,995 shares of the company's stock after selling 308,414 shares during the period. Vident Advisory LLC owned about 1.42% of Bit Digital worth $5,830,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BTBT. 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 bought a new stake in Bit Digital during the 4th quarter valued at approximately $46,000. Tower Research Capital LLC TRC boosted its stake in Bit Digital by 90.9% during 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 period. Deutsche Bank AG bought a new stake in Bit Digital during the 1st quarter valued at approximately $357,000. Finally, MetLife Investment Management LLC boosted its stake in Bit Digital by 18.1% during the 4th quarter. MetLife Investment Management LLC now owns 82,357 shares of the company's stock valued at $241,000 after purchasing an additional 12,640 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on BTBT. Wall Street Zen upgraded Bit Digital from a "strong sell" rating to a "hold" rating in a report on Saturday, August 16th. HC Wainwright reissued a "buy" rating and issued a $7.00 target price on shares of Bit Digital in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $6.33.

Bit Digital Stock Down 1.4%

NASDAQ:BTBT traded down $0.04 during midday trading on Thursday, hitting $2.47. The company had a trading volume of 9,261,698 shares, compared to its average volume of 24,087,238. The stock's fifty day moving average price is $3.00 and its 200-day moving average price is $2.53. Bit Digital, Inc. has a 52-week low of $1.69 and a 52-week high of $5.74. The company has a market capitalization of $792.33 million, a PE ratio of -7.95 and a beta of 4.77.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. The firm had revenue of $25.66 million during the quarter, compared to the consensus estimate of $27.46 million. As a group, research analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Samir Tabar purchased 750,000 shares of Bit Digital stock in a transaction on Wednesday, June 25th. The shares were bought at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the acquisition, the chief executive officer 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brock Jeffrey Pierce acquired 500,000 shares of the firm'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 purchase, the director owned 500,000 shares of the company's stock, valued at $1,000,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.80% of the company's stock.

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.