Zweig DiMenna Associates LLC Takes Position in Bit Digital, Inc. $BTBT

by · The Cerbat Gem

Zweig DiMenna Associates LLC bought a new stake in Bit Digital, Inc. (NASDAQ:BTBT – Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 905,700 shares of the company’s stock, valued at approximately $1,983,000.

A number of other large investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of Bit Digital in the second quarter valued at about $7,512,000. Millennium Management LLC grew its stake in shares of Bit Digital by 62.6% in the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock valued at $4,721,000 after buying an additional 899,967 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Bit Digital by 14.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company’s stock valued at $4,306,000 after buying an additional 273,480 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Bit Digital by 12.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,965,801 shares of the company’s stock valued at $3,971,000 after buying an additional 215,956 shares in the last quarter. Finally, Uniplan Investment Counsel Inc. grew its stake in shares of Bit Digital by 203.8% in the first quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company’s stock valued at $2,200,000 after buying an additional 730,766 shares in the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

Analysts Set New Price Targets

BTBT has been the subject of a number of analyst reports. HC Wainwright reissued a “buy” rating on shares of Bit Digital in a report on Wednesday. Wall Street Zen raised Bit Digital from a “strong sell” rating to a “hold” rating in a report on Saturday, August 16th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Bit Digital in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $6.50.

Get Our Latest Stock Analysis on BTBT

Bit Digital Trading Up 3.4%

Shares of BTBT opened at $3.66 on Friday. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -11.81 and a beta of 4.77. The stock has a 50 day moving average of $3.28 and a 200-day moving average of $2.86. Bit Digital, Inc. has a 52 week low of $1.69 and a 52 week high of $5.74.

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

Bit Digital Profile

(Free Report)

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.

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