JPMorgan Chase & Co. Acquires 1,997,304 Shares of Bit Digital, Inc. $BTBT

JPMorgan Chase & Co. boosted its holdings in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 686.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,288,068 shares of the company’s stock after acquiring an additional 1,997,304 shares during the quarter. JPMorgan Chase & Co. owned 0.71% of Bit Digital worth $6,864,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Walleye Trading LLC bought a new stake in shares of Bit Digital during the second quarter worth $25,000. Sheets Smith Wealth Management bought a new position in shares of Bit Digital in the third quarter worth about $30,000. Hamilton Wealth LLC purchased a new position in Bit Digital in the 3rd quarter worth about $30,000. LCM Capital Management Inc purchased a new position in Bit Digital in the 3rd quarter worth about $33,000. Finally, Rafferty Asset Management LLC bought a new stake in Bit Digital during the 3rd quarter valued at about $33,000. Institutional investors own 47.70% of the company’s stock.

Bit Digital Trading Up 3.6%

BTBT opened at $1.31 on Wednesday. The company has a current ratio of 6.39, a quick ratio of 17.53 and a debt-to-equity ratio of 0.13. The firm has a market cap of $427.82 million, a price-to-earnings ratio of -2.38 and a beta of 4.00. Bit Digital, Inc. has a 12 month low of $1.25 and a 12 month high of $4.55. The stock has a fifty day moving average price of $1.74 and a 200-day moving average price of $2.42.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, March 27th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). Bit Digital had a negative net margin of 70.70% and a negative return on equity of 5.39%. The company had revenue of $32.34 million for the quarter, compared to the consensus estimate of $31.87 million. As a group, equities research analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BTBT. Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, Weiss Ratings lowered Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $6.00.

About Bit Digital

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.