Lazard Asset Management LLC Boosts Stock Position in Bit Digital, Inc. $BTBT

Lazard Asset Management LLC boosted its position in Bit Digital, Inc. (NASDAQ:BTBT) by 30.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,780,543 shares of the company’s stock after purchasing an additional 417,501 shares during the quarter. Lazard Asset Management LLC’s holdings in Bit Digital were worth $2,333,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BTBT. Renaissance Technologies LLC grew its position in shares of Bit Digital by 114.8% in the 1st quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock worth $9,641,000 after buying an additional 3,932,900 shares during the last quarter. Sei Investments Co. raised its stake in shares of Bit Digital by 1,879.6% during the 1st quarter. Sei Investments Co. now owns 314,418 shares of the company’s stock worth $412,000 after acquiring an additional 298,535 shares in the last quarter. CI Investments Inc. lifted its position in Bit Digital by 33.6% during the first quarter. CI Investments Inc. now owns 69,884 shares of the company’s stock valued at $92,000 after acquiring an additional 17,585 shares during the last quarter. KBC Group NV purchased a new stake in Bit Digital during the first quarter valued at approximately $672,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Bit Digital in the first quarter valued at approximately $8,004,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BTBT. Weiss Ratings lowered shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Craig Hallum reissued a “buy” rating and issued a $3.50 price objective on shares of Bit Digital in a research report on Tuesday, July 14th. Finally, B. Riley Financial restated a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Bit Digital has an average rating of “Hold” and a consensus price target of $5.12.

Bit Digital Stock Performance

Shares of Bit Digital stock opened at $1.31 on Monday. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. Bit Digital, Inc. has a 12-month low of $1.18 and a 12-month high of $4.55. The firm has a market capitalization of $457.44 million, a price-to-earnings ratio of -1.93 and a beta of 4.02. The firm’s 50 day simple moving average is $1.76 and its two-hundred day simple moving average is $1.74.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%.The company had revenue of $27.92 million during the quarter, compared to analysts’ expectations of $25.73 million. Analysts predict that Bit Digital, Inc. will post -0.55 EPS for the current year.

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.