Arrowstreet Capital Limited Partnership Makes New Investment in Bit Digital, Inc. (NASDAQ:BTBT)

Arrowstreet Capital Limited Partnership purchased a new stake in Bit Digital, Inc. (NASDAQ:BTBT) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 129,141 shares of the company’s stock, valued at approximately $378,000. Arrowstreet Capital Limited Partnership owned approximately 0.08% of Bit Digital at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Orion Portfolio Solutions LLC purchased a new stake in shares of Bit Digital during the fourth quarter worth approximately $38,000. Blair William & Co. IL purchased a new stake in shares of Bit Digital in the 4th quarter valued at approximately $264,000. LPL Financial LLC raised its holdings in shares of Bit Digital by 142.4% in the 4th quarter. LPL Financial LLC now owns 43,913 shares of the company’s stock valued at $129,000 after purchasing an additional 25,795 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Bit Digital during the 4th quarter worth $283,000. Finally, Chesapeake Capital Corp IL acquired a new position in shares of Bit Digital during the fourth quarter worth $96,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Analysts Set New Price Targets

BTBT has been the topic of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Monday, March 17th. Craig Hallum initiated coverage on shares of Bit Digital in a research note on Tuesday, January 21st. They set a “buy” rating and a $6.00 price target on the stock.

Bit Digital Stock Performance

NASDAQ BTBT opened at $1.85 on Monday. The firm’s fifty day moving average is $2.44 and its two-hundred day moving average is $3.31. 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 $283.99 million, a PE ratio of 30.83 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $25.06 million. During the same period in the previous year, the business posted ($0.16) earnings per share. Research analysts predict 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.