Monashee Investment Management LLC Purchases New Position in Bit Digital, Inc. $BTBT

Monashee Investment Management LLC acquired a new position in Bit Digital, Inc. (NASDAQ:BTBT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,500,000 shares of the company’s stock, valued at approximately $4,500,000. Bit Digital makes up about 2.2% of Monashee Investment Management LLC’s investment portfolio, making the stock its 15th biggest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Bit Digital by 549.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after buying an additional 6,201,477 shares during the period. Balyasny Asset Management L.P. bought a new stake in shares of Bit Digital in the second quarter valued at about $10,385,000. Valiant Capital Management L.P. bought a new stake in shares of Bit Digital in the second quarter valued at about $8,760,000. Vident Advisory LLC lifted its stake in Bit Digital by 29.0% in the second quarter. Vident Advisory LLC now owns 3,723,069 shares of the company’s stock worth $8,154,000 after acquiring an additional 837,074 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Bit Digital by 24.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company’s stock worth $7,853,000 after acquiring an additional 699,134 shares in the last quarter. 47.70% of the stock is owned by institutional investors.

Bit Digital Stock Down 6.2%

Shares of Bit Digital stock opened at $1.67 on Friday. The company has a market cap of $540.53 million, a P/E ratio of 3.98 and a beta of 3.94. The firm’s 50 day moving average price is $1.99 and its 200-day moving average price is $2.61. Bit Digital, Inc. has a 52-week low of $1.49 and a 52-week high of $4.55.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BTBT shares. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a report on Monday, November 17th. Wall Street Zen raised shares of Bit Digital from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, Northland Securities set a $5.00 target price on Bit Digital in a research report on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bit Digital currently has a consensus rating of “Hold” and an average target price of $6.00.

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.