Bit Digital, Inc. $BTBT Shares Sold by Zweig DiMenna Associates LLC

Zweig DiMenna Associates LLC reduced its stake in Bit Digital, Inc. (NASDAQ:BTBT) by 76.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 253,000 shares of the company’s stock after selling 814,400 shares during the period. Zweig DiMenna Associates LLC’s holdings in Bit Digital were worth $331,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Walleye Trading LLC acquired a new position in shares of Bit Digital in the 2nd quarter valued at $25,000. Cerity Partners LLC purchased a new position in shares of Bit Digital in the 4th quarter valued at $26,000. nVerses Capital LLC acquired a new stake in Bit Digital during the 4th quarter worth $26,000. Marathon Capital Management acquired a new stake in Bit Digital during the 4th quarter worth $28,000. Finally, E6 Portfolios LLC purchased a new stake in Bit Digital in the fourth quarter valued at $28,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Stock Up 0.6%

Shares of NASDAQ:BTBT opened at $1.65 on Wednesday. The stock has a market cap of $576.16 million, a P/E ratio of -2.43 and a beta of 4.02. The firm has a fifty day moving average price of $1.88 and a 200 day moving average price of $1.80. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36. Bit Digital, Inc. has a 1-year low of $1.25 and a 1-year high of $4.55.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The business had revenue of $27.92 million for the quarter, compared to analysts’ expectations of $25.73 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%. Sell-side analysts predict that Bit Digital, Inc. will post -0.55 EPS for the current year.

Analysts Set New Price Targets

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

About Bit Digital

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.