275,711 Shares in Bit Digital, Inc. $BTBT Acquired by Simplicity Wealth LLC

Simplicity Wealth LLC bought a new position in shares of Bit Digital, Inc. (NASDAQ:BTBT) during the third quarter, HoldingsChannel.com reports. The firm bought 275,711 shares of the company’s stock, valued at approximately $827,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Walleye Trading LLC acquired a new position in shares of Bit Digital in the second quarter worth $25,000. Sheets Smith Wealth Management purchased a new position in Bit Digital in the third quarter valued at $30,000. LCM Capital Management Inc acquired a new position in Bit Digital during the 3rd quarter worth $33,000. Plancorp LLC grew its stake in Bit Digital by 34.8% during the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company’s stock worth $34,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in Bit Digital by 60.2% during the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock worth $36,000 after purchasing an additional 6,206 shares during the period. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BTBT. Wall Street Zen lowered Bit Digital from a “hold” rating to a “sell” rating in a research report on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Zacks Research cut shares of Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a report on Monday, November 17th. Finally, Northland Securities set a $5.00 price objective on shares of Bit Digital in a research report on Monday, November 17th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.00.

Bit Digital Stock Performance

BTBT opened at $2.11 on Friday. Bit Digital, Inc. has a one year low of $1.69 and a one year high of $4.55. The company has a market cap of $682.94 million, a P/E ratio of 5.02 and a beta of 3.94. The business’s 50-day simple moving average is $2.20 and its 200-day simple moving average is $2.86.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter. The business had revenue of $30.46 million for the quarter, compared to analysts’ expectations of $29.54 million. Bit Digital had a negative return on equity of 7.11% and a net margin of 127.61%. As a group, analysts predict 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 410,636 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $2.01, for a total transaction of $825,378.36. Following the completion of the sale, the chief financial officer owned 1,175,000 shares in the company, valued at approximately $2,361,750. The trade was a 25.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.80% of the company’s stock.

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.