Balyasny Asset Management L.P. Invests $50,000 in Bit Digital, Inc. (NASDAQ:BTBT)

Balyasny Asset Management L.P. purchased a new stake in Bit Digital, Inc. (NASDAQ:BTBT) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 17,201 shares of the company’s stock, valued at approximately $50,000.

Other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC lifted its stake in 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 in the last quarter. Tower Research Capital LLC TRC lifted its position in Bit Digital by 90.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company’s stock worth $46,000 after buying an additional 7,395 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Bit Digital during the fourth quarter worth $378,000. Y Intercept Hong Kong Ltd purchased a new stake in Bit Digital in the 4th quarter valued at $39,000. Finally, MetLife Investment Management LLC increased its stake in shares of Bit Digital by 18.1% in the 4th quarter. MetLife Investment Management LLC now owns 82,357 shares of the company’s stock worth $241,000 after acquiring an additional 12,640 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BTBT. Craig Hallum started coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a report on Monday.

Bit Digital Stock Up 5.5%

BTBT stock opened at $2.51 on Tuesday. Bit Digital, Inc. has a 52-week low of $1.69 and a 52-week high of $5.74. The stock has a market cap of $511.42 million, a price-to-earnings ratio of 41.83 and a beta of 5.25. The business has a fifty day moving average of $2.08 and a two-hundred day moving average of $3.02.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. As a group, sell-side analysts anticipate that Bit Digital, Inc. will post -0.2 EPS 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.