Zweig DiMenna Associates LLC Cuts Stake in Bit Digital, Inc. $BTBT

Key Points

• Zweig DiMenna Associates LLC cut its Bit Digital stake by 76.3% in the first quarter, selling 814,400 shares and leaving it with 253,000 shares valued at about $331,000.
• Wall Street sentiment on Bit Digital is mixed: analysts currently average a Hold rating with a $5.12 price target, though some firms still have Buy ratings while others are bearish.
• Bit Digital reported a wider-than-expected quarterly loss, posting EPS of -$0.45 versus estimates of -$0.04, even though revenue of $27.92 million topped expectations.

Zweig DiMenna Associates LLC cut its holdings in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 76.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 253,000 shares of the company's stock after selling 814,400 shares during the quarter. Zweig DiMenna Associates LLC owned 0.08% of Bit Digital worth $331,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BTBT. Walleye Trading LLC purchased a new stake in shares of Bit Digital during the second quarter worth $25,000. Cerity Partners LLC acquired a new stake in shares of Bit Digital in the fourth quarter valued at $26,000. nVerses Capital LLC purchased a new position in Bit Digital in the fourth quarter valued at $26,000. Marathon Capital Management purchased a new position in Bit Digital in the fourth quarter valued at $28,000. Finally, E6 Portfolios LLC acquired a new position in Bit Digital during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 47.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on BTBT shares. Craig Hallum restated a "buy" rating and set a $3.50 price target on shares of Bit Digital in a report on Tuesday. Zacks Research cut Bit Digital from a "hold" rating to a "strong sell" rating in a research note on Monday, April 6th. B. Riley Financial reiterated a "buy" rating on shares of Bit Digital in a research note on Monday, May 18th. Weiss Ratings downgraded Bit Digital from a "sell (d)" rating to a "sell (d-)" rating in a research report on Monday, May 18th. Finally, HC Wainwright restated a "buy" rating and set a $7.00 target price on shares of Bit Digital in a research note on Thursday, April 2nd. Three research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $5.12.

Bit Digital Price Performance

Bit Digital stock opened at $1.65 on Wednesday. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. The company has a fifty day simple moving average of $1.88 and a 200-day simple moving average of $1.80. The stock has a market cap of $576.16 million, a P/E ratio of -2.43 and a beta of 4.02. Bit Digital, Inc. has a 12-month low of $1.25 and a 12-month high of $4.55.

Bit Digital (NASDAQ:BTBT - Get Free Report) last posted its earnings results on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.41). Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. The business had revenue of $27.92 million during the quarter, compared to analysts' expectations of $25.73 million. Equities analysts expect that Bit Digital, Inc. will post -0.55 EPS for the current fiscal year.

Bit Digital Profile

Bit Digital, Inc NASDAQ: BTBT is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company's revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.

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