Northern Trust Corp Raises Holdings in Bit Digital, Inc. (NASDAQ:BTBT)

Northern Trust Corp raised its holdings in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 3.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 756,169 shares of the company’s stock after purchasing an additional 26,319 shares during the period. Northern Trust Corp owned approximately 0.49% of Bit Digital worth $2,216,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its stake in Bit Digital by 116.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company’s stock valued at $5,127,000 after purchasing an additional 943,214 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Bit Digital by 2.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 935,629 shares of the company’s stock valued at $2,741,000 after purchasing an additional 25,592 shares during the last quarter. Two Seas Capital LP boosted its stake in Bit Digital by 60.6% during the 4th quarter. Two Seas Capital LP now owns 662,414 shares of the company’s stock valued at $1,941,000 after purchasing an additional 250,000 shares during the last quarter. Uniplan Investment Counsel Inc. boosted its stake in Bit Digital by 5.0% during the 4th quarter. Uniplan Investment Counsel Inc. now owns 358,534 shares of the company’s stock valued at $1,051,000 after purchasing an additional 17,020 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in Bit Digital during the 4th quarter valued at $887,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Monday, May 19th.

Bit Digital Price Performance

BTBT stock opened at $2.50 on Monday. The company has a market cap of $519.45 million, a P/E ratio of 41.67 and a beta of 5.25. Bit Digital, Inc. has a 1 year low of $1.69 and a 1 year high of $5.74. The stock’s fifty day moving average price is $2.09 and its 200-day moving average price is $2.98.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $25.11 million for the quarter, compared to the consensus estimate of $26.38 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. As a group, analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

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.