Van ECK Associates Corp Grows Stock Position in Bit Digital, Inc. (NASDAQ:BTBT)

Van ECK Associates Corp raised its holdings in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 133.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,000,337 shares of the company’s stock after acquiring an additional 2,862,309 shares during the quarter. Van ECK Associates Corp owned approximately 6.06% of Bit Digital worth $14,351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Simplicity Wealth LLC bought a new stake in shares of Bit Digital in the first quarter worth about $33,000. Nomura Holdings Inc. bought a new position in shares of Bit Digital during the 4th quarter valued at approximately $1,583,000. Quadrature Capital Ltd grew its holdings in shares of Bit Digital by 37.5% in the fourth quarter. Quadrature Capital Ltd now owns 518,035 shares of the company’s stock valued at $2,194,000 after purchasing an additional 141,368 shares in the last quarter. Vima LLC bought a new stake in Bit Digital in the fourth quarter worth $118,000. Finally, Intrinsic Edge Capital Management LLC bought a new position in Bit Digital during the fourth quarter valued at $3,384,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Wall Street Analyst Weigh In

Separately, HC Wainwright raised their price objective on Bit Digital from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Monday.

Bit Digital Trading Up 7.0 %

Shares of BTBT stock traded up $0.23 during trading hours on Friday, reaching $3.51. 18,748,079 shares of the stock were exchanged, compared to its average volume of 8,177,887. The firm has a market capitalization of $289.50 million, a price-to-earnings ratio of 11.67 and a beta of 4.90. Bit Digital, Inc. has a 12-month low of $1.76 and a 12-month high of $5.27. The company’s 50-day moving average price is $2.61 and its 200-day moving average price is $2.73.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.02. Bit Digital had a net margin of 57.44% and a return on equity of 0.30%. The business had revenue of $30.29 million during the quarter, compared to the consensus estimate of $25.61 million. On average, sell-side analysts expect that Bit Digital, Inc. will post 0.03 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.