Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Position in Bit Digital, Inc. $BTBT

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Bit Digital, Inc. (NASDAQ:BTBT) by 61.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 691,923 shares of the company’s stock after purchasing an additional 262,717 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.21% of Bit Digital worth $1,412,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hamilton Wealth LLC purchased a new position in shares of Bit Digital in the 3rd quarter worth approximately $30,000. LCM Capital Management Inc purchased a new position in shares of Bit Digital in the 3rd quarter worth approximately $33,000. Rafferty Asset Management LLC purchased a new position in shares of Bit Digital during the 3rd quarter worth about $33,000. Walleye Trading LLC purchased a new position in shares of Bit Digital during the 2nd quarter worth about $25,000. Finally, Mackenzie Financial Corp purchased a new position in shares of Bit Digital during the 3rd quarter worth about $34,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Weiss Ratings cut shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, March 30th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Thursday, April 2nd. Zacks Research cut shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Wall Street Zen cut shares of Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, B. Riley Financial dropped their price objective on Bit Digital from $6.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, April 2nd. Two equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Bit Digital currently has an average rating of “Hold” and an average price target of $5.67.

Bit Digital Price Performance

Bit Digital stock opened at $2.15 on Tuesday. The stock has a market cap of $702.14 million, a price-to-earnings ratio of -3.91 and a beta of 3.95. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.39 and a quick ratio of 6.39. Bit Digital, Inc. has a 1 year low of $1.25 and a 1 year high of $4.55. The firm has a 50-day moving average of $1.57 and a two-hundred day moving average of $2.06.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Friday, March 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The company had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. Bit Digital had a negative net margin of 70.70% and a negative return on equity of 5.39%. On average, research analysts forecast that Bit Digital, Inc. will post -0.12 earnings per share for the current 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.