Wedbush Securities Inc. Acquires Shares of 12,740 Bit Digital, Inc. (NASDAQ:BTBT)

Wedbush Securities Inc. bought a new position in Bit Digital, Inc. (NASDAQ:BTBT) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,740 shares of the company’s stock, valued at approximately $37,000.

A number of other hedge funds have also modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its position in Bit Digital by 192.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after acquiring an additional 530,411 shares during the period. Stifel Financial Corp acquired a new stake in shares of Bit Digital in the 3rd quarter valued at $38,000. SG Americas Securities LLC grew its holdings in shares of Bit Digital by 427.6% in the 4th quarter. SG Americas Securities LLC now owns 219,520 shares of the company’s stock worth $643,000 after purchasing an additional 177,911 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Bit Digital by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock worth $8,512,000 after purchasing an additional 42,375 shares during the last quarter. Finally, Barclays PLC increased its position in shares of Bit Digital by 81.4% during the 3rd quarter. Barclays PLC now owns 235,106 shares of the company’s stock worth $826,000 after purchasing an additional 105,484 shares in the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BTBT shares. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Monday, March 17th. Craig Hallum began coverage on Bit Digital in a research report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price target on the stock.

Bit Digital Stock Up 6.9 %

Shares of NASDAQ BTBT opened at $1.85 on Friday. Bit Digital, Inc. has a 12-month low of $1.69 and a 12-month high of $5.74. The firm’s 50-day simple moving average is $2.44 and its 200 day simple moving average is $3.32. The company has a market cap of $283.99 million, a price-to-earnings ratio of 30.83 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The company had revenue of $26.10 million during the quarter, compared to the consensus estimate of $25.06 million. During the same period in the prior year, the firm posted ($0.16) earnings per share. On average, equities analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

About Bit Digital

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.