Bit Digital, Inc. $BTBT Position Boosted by Redmond Asset Management LLC

Redmond Asset Management LLC lifted its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 4.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 271,421 shares of the company’s stock after purchasing an additional 12,040 shares during the period. Redmond Asset Management LLC’s holdings in Bit Digital were worth $594,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new position in Bit Digital in the second quarter valued at approximately $7,512,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Bit Digital by 14.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,131,729 shares of the company’s stock worth $4,306,000 after purchasing an additional 273,480 shares during the last quarter. Uniplan Investment Counsel Inc. lifted its holdings in shares of Bit Digital by 203.8% in the 1st quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company’s stock worth $2,200,000 after purchasing an additional 730,766 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of Bit Digital in the 1st quarter worth approximately $357,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Bit Digital in the 1st quarter worth approximately $354,000. Institutional investors own 47.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d)” rating on shares of Bit Digital in a report on Wednesday, October 8th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a report on Monday, August 18th. Finally, Wall Street Zen raised Bit Digital from a “strong sell” rating to a “hold” rating in a report on Saturday, August 16th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bit Digital currently has a consensus rating of “Hold” and an average price target of $6.50.

Bit Digital Trading Down 5.8%

BTBT opened at $3.76 on Wednesday. The business’s 50 day moving average is $3.23 and its 200-day moving average is $2.82. The stock has a market cap of $1.21 billion, a PE ratio of -12.13 and a beta of 4.77. Bit Digital, Inc. has a twelve month low of $1.69 and a twelve month high of $5.74.

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

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.