Tidal Investments LLC Has $3.17 Million Stock Holdings in Bit Digital, Inc. $BTBT

Tidal Investments LLC grew its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 186.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,758,186 shares of the company’s stock after acquiring an additional 1,145,092 shares during the quarter. Tidal Investments LLC’s holdings in Bit Digital were worth $3,165,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new stake in Bit Digital during the 1st quarter worth about $8,004,000. Renaissance Technologies LLC boosted its holdings in shares of Bit Digital by 114.8% in the first 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 period. KBC Group NV acquired a new position in shares of Bit Digital in the first quarter worth about $672,000. Lazard Asset Management LLC increased its position in shares of Bit Digital by 30.6% in the first quarter. Lazard Asset Management LLC now owns 1,780,543 shares of the company’s stock worth $2,333,000 after acquiring an additional 417,501 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of Bit Digital by 164.0% in the first quarter. Bank of America Corp DE now owns 917,780 shares of the company’s stock worth $1,202,000 after acquiring an additional 570,086 shares in the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Price Performance

NASDAQ BTBT opened at $1.46 on Wednesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a market capitalization of $526.52 million, a price-to-earnings ratio of -1.38 and a beta of 3.97. The company has a 50 day simple moving average of $1.50 and a 200-day simple moving average of $1.64. Bit Digital, Inc. has a 52-week low of $1.18 and a 52-week high of $4.55.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.26). The company had revenue of $32.11 million for the quarter, compared to analysts’ expectations of $23.58 million. Bit Digital had a negative net margin of 237.19% and a negative return on equity of 10.66%. Equities research analysts predict that Bit Digital, Inc. will post -0.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BTBT shares. Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Friday, July 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bit Digital in a research note on Thursday, August 13th. HC Wainwright initiated coverage on shares of Bit Digital in a research report on Tuesday, September 8th. They set a “buy” rating and a $4.00 price objective on the stock. Finally, Craig Hallum reissued a “buy” rating and set a $3.50 target price on shares of Bit Digital in a research note on Tuesday, July 14th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $4.38.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ:BTBT) is a digital-asset and infrastructure company engaged primarily in bitcoin mining and Ethereum staking. The company operates and manages specialized computing equipment used to validate transactions and earn digital assets, while seeking to use energy-efficient and environmentally responsible operating practices.

In addition to bitcoin mining, Bit Digital provides Ethereum staking services through its digital-asset infrastructure platform. The company has also expanded its focus toward high-performance computing and artificial intelligence infrastructure, including services that support data-intensive workloads and may complement its existing expertise in operating specialized computing equipment.

Bit Digital was formerly known as Golden Bull Limited and adopted its current name in 2020 as it repositioned its business around digital assets.