UBS Group AG Acquires 1,705,579 Shares of Bit Digital, Inc. $BTBT

UBS Group AG increased its stake in Bit Digital, Inc. (NASDAQ:BTBT) by 76.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,924,240 shares of the company’s stock after acquiring an additional 1,705,579 shares during the quarter. UBS Group AG’s holdings in Bit Digital were worth $7,417,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC increased its stake in Bit Digital by 815.3% during the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock valued at $409,000 after purchasing an additional 180,509 shares in the last quarter. Millennium Management LLC grew its stake in shares of Bit Digital by 62.6% in the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after acquiring an additional 899,967 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Bit Digital by 304.0% in the second quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company’s stock valued at $637,000 after purchasing an additional 218,789 shares during the last quarter. Legal & General Group Plc increased its stake in Bit Digital by 60.2% in the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after buying an additional 6,206 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Bit Digital by 62.4% in the 2nd quarter. Rhumbline Advisers now owns 258,938 shares of the company’s stock worth $567,000 after buying an additional 99,490 shares during the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

Bit Digital Stock Performance

NASDAQ:BTBT opened at $1.70 on Tuesday. The company has a market capitalization of $555.19 million, a price-to-earnings ratio of -3.09 and a beta of 3.95. The business has a 50 day moving average of $1.59 and a 200 day moving average of $1.99. 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.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.41). The business had revenue of $27.92 million during the quarter, compared to the consensus estimate of $25.73 million. Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%. On average, sell-side analysts predict that Bit Digital, Inc. will post -0.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Zacks Research lowered Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research report on Thursday, April 2nd. Wall Street Zen downgraded shares of Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research note on Monday. Finally, Weiss Ratings downgraded shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, March 30th. Two investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $5.67.

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.