Vident Advisory LLC Increases Stock Holdings in Bit Digital, Inc. (NASDAQ:BTBT)

Vident Advisory LLC lifted its holdings in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 56.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,194,409 shares of the company's stock after buying an additional 1,149,727 shares during the quarter. Vident Advisory LLC owned approximately 2.08% of Bit Digital worth $9,360,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. OLD Mission Capital LLC purchased a new stake in shares of Bit Digital during the fourth quarter worth approximately $31,000. Cibc World Markets Corp purchased a new stake in shares of Bit Digital during the fourth quarter worth approximately $33,000. Wedbush Securities Inc. purchased a new stake in shares of Bit Digital during the fourth quarter worth approximately $37,000. Orion Portfolio Solutions LLC purchased a new stake in shares of Bit Digital during the fourth quarter worth approximately $38,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Bit Digital during the fourth quarter worth approximately $39,000. 47.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a "buy" rating and set a $7.00 price target on shares of Bit Digital in a research report on Monday, May 19th.

Bit Digital Stock Performance

Shares of BTBT traded down $0.05 during trading hours on Friday, hitting $2.50. 17,044,929 shares of the stock were exchanged, compared to its average volume of 14,221,311. The stock's 50-day moving average price is $2.09 and its two-hundred day moving average price is $2.99. The company has a market cap of $519.45 million, a price-to-earnings ratio of 41.67 and a beta of 5.25. Bit Digital, Inc. has a 12-month low of $1.69 and a 12-month high of $5.74.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.05). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The business had revenue of $25.11 million during the quarter, compared to the consensus estimate of $26.38 million. On average, research analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current 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.