Erke Huang Sells 1,089,364 Shares of Bit Digital (NASDAQ:BTBT) Stock

Bit Digital, Inc. (NASDAQ:BTBT) CFO Erke Huang sold 1,089,364 shares of the business’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $2.18, for a total value of $2,374,813.52. Following the transaction, the chief financial officer directly owned 1,585,636 shares of the company’s stock, valued at approximately $3,456,686.48. This represents a 40.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Erke Huang also recently made the following trade(s):

• On Friday, November 21st, Erke Huang sold 410,636 shares of Bit Digital stock. The shares were sold at an average price of $2.01, for a total transaction of $825,378.36.

Bit Digital Stock Up 9.6%

Bit Digital stock traded up $0.20 during trading on Monday, reaching $2.29. The stock had a trading volume of 45,525,965 shares, compared to its average volume of 27,529,273. Bit Digital, Inc. has a 52-week low of $1.69 and a 52-week high of $5.20. The stock has a market cap of $741.20 million, a PE ratio of 5.45 and a beta of 4.79. The business has a 50 day moving average price of $3.29 and a 200 day moving average price of $2.95.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.05) EPS for the quarter. The firm had revenue of $30.46 million during the quarter, compared to analysts’ expectations of $29.54 million. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. On average, equities analysts predict that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Trading of Bit Digital

Institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. grew its stake in Bit Digital by 42.2% during the 3rd quarter. Invesco Ltd. now owns 8,888,669 shares of the company’s stock worth $26,666,000 after buying an additional 2,638,003 shares during the last quarter. Vanguard Group Inc. lifted its stake in Bit Digital by 549.2% in the third quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock valued at $21,992,000 after buying an additional 6,201,477 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Bit Digital by 47.2% in the third quarter. Van ECK Associates Corp now owns 6,921,408 shares of the company’s stock valued at $20,764,000 after acquiring an additional 2,220,486 shares during the period. Balyasny Asset Management L.P. purchased a new position in shares of Bit Digital during the second quarter worth approximately $10,385,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Bit Digital by 60.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,274,084 shares of the company’s stock valued at $12,822,000 after acquiring an additional 1,615,085 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BTBT shares. Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research note on Thursday. Northland Securities set a $5.00 price objective on Bit Digital in a report on Monday, November 17th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Monday, November 17th. Finally, Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Bit Digital has a consensus rating of “Moderate Buy” and an average price target of $6.00.

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.