Connors Investor Services Inc. Acquires 22,000 Shares of Bit Digital, Inc. $BTBT

Connors Investor Services Inc. raised its holdings in Bit Digital, Inc. (NASDAQ:BTBT) by 32.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,000 shares of the company’s stock after buying an additional 22,000 shares during the period. Connors Investor Services Inc.’s holdings in Bit Digital were worth $197,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Byrne Asset Management LLC raised its stake in Bit Digital by 22.5% in the second quarter. Byrne Asset Management LLC now owns 21,492 shares of the company’s stock valued at $47,000 after buying an additional 3,954 shares during the period. Plancorp LLC raised its stake in Bit Digital by 34.8% in the second quarter. Plancorp LLC now owns 15,500 shares of the company’s stock valued at $34,000 after buying an additional 4,000 shares during the period. Ethic Inc. raised its stake in Bit Digital by 31.8% in the second quarter. Ethic Inc. now owns 19,644 shares of the company’s stock valued at $39,000 after buying an additional 4,739 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Bit Digital by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 61,711 shares of the company’s stock valued at $125,000 after buying an additional 6,195 shares during the period. Finally, Phoenix Financial Ltd. raised its stake in Bit Digital by 11.4% in the second quarter. Phoenix Financial Ltd. now owns 115,560 shares of the company’s stock valued at $253,000 after buying an additional 11,787 shares during the period. Institutional investors own 47.70% of the company’s stock.

Bit Digital Price Performance

Bit Digital stock opened at $3.59 on Thursday. The stock’s fifty day moving average price is $3.16 and its two-hundred day moving average price is $2.76. Bit Digital, Inc. has a one year low of $1.69 and a one year high of $5.74. The firm has a market cap of $1.15 billion, a PE ratio of -11.58 and a beta of 4.77.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). Bit Digital had a negative return on equity of 9.90% and a negative net margin of 52.86%.The firm had revenue of $25.66 million for the quarter, compared to analyst estimates of $27.46 million. Sell-side analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wall Street Zen upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Bit Digital in a research report on Wednesday, October 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Monday, August 18th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.33.

Bit Digital Company Profile

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.