Voya Investment Management LLC Buys 483,956 Shares of Bit Digital, Inc. $BTBT

Voya Investment Management LLC increased its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 988.6% in the 3rd quarter, Holdings Channel reports. The firm owned 532,910 shares of the company’s stock after buying an additional 483,956 shares during the period. Voya Investment Management LLC’s holdings in Bit Digital were worth $1,599,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Moody National Bank Trust Division bought a new stake in Bit Digital in the 3rd quarter worth approximately $90,000. Nomura Holdings Inc. bought a new position in shares of Bit Digital during the 2nd quarter valued at $1,736,000. Headlands Technologies LLC purchased a new position in shares of Bit Digital in the 2nd quarter worth $56,000. Tower Research Capital LLC TRC grew its holdings in shares of Bit Digital by 596.5% in the second quarter. Tower Research Capital LLC TRC now owns 25,303 shares of the company’s stock worth $55,000 after acquiring an additional 21,670 shares during the period. Finally, Conversant Capital LLC purchased a new stake in Bit Digital during the second quarter valued at $4,982,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on BTBT. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a report on Monday, December 22nd. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research report on Monday, November 17th. Northland Securities set a $5.00 price objective on shares of Bit Digital in a report on Monday, November 17th. Finally, Wall Street Zen raised shares of Bit Digital from a “sell” rating to a “hold” rating in a report on Saturday. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Bit Digital currently has a consensus rating of “Moderate Buy” and an average price target of $6.00.

Bit Digital Stock Down 2.0%

Shares of BTBT opened at $2.01 on Tuesday. The business has a 50-day simple moving average of $2.65 and a two-hundred day simple moving average of $2.91. Bit Digital, Inc. has a 52 week low of $1.69 and a 52 week high of $4.55. The stock has a market cap of $650.58 million, a price-to-earnings ratio of 4.79 and a beta of 4.29.

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

Insider Buying and Selling at Bit Digital

In other news, CFO Erke Huang sold 1,089,364 shares of the stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $2.18, for a total value of $2,374,813.52. Following the completion of the sale, the chief financial officer directly owned 1,585,636 shares of the company’s stock, valued at $3,456,686.48. This represents a 40.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by insiders.

Bit Digital Company 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.