BNP Paribas Financial Markets Makes New Investment in Bit Digital, Inc. (NASDAQ:BTBT)

BNP Paribas Financial Markets acquired a new position in Bit Digital, Inc. (NASDAQ:BTBT) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 15,532 shares of the company’s stock, valued at approximately $46,000.

Other hedge funds have also added to or reduced their stakes in the company. OLD Mission Capital LLC bought a new stake in Bit Digital in the fourth quarter worth about $31,000. Cibc World Markets Corp bought a new stake in Bit Digital in the fourth quarter worth about $33,000. Wedbush Securities Inc. bought a new stake in Bit Digital in the fourth quarter worth about $37,000. Orion Portfolio Solutions LLC bought a new stake in Bit Digital in the fourth quarter worth about $38,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Bit Digital in the fourth quarter worth about $39,000. Institutional investors own 47.70% of the company’s stock.

Analyst Ratings Changes

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

Bit Digital Stock Up 3.8%

NASDAQ BTBT opened at $2.47 on Wednesday. The company’s 50 day moving average is $2.10 and its 200-day moving average is $2.88. Bit Digital, Inc. has a 12-month low of $1.69 and a 12-month high of $5.74. The firm has a market cap of $513.22 million, a P/E ratio of 41.17 and a beta of 5.25.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Bit Digital had a negative net margin of 2.75% and a negative return on equity of 5.69%. The company had revenue of $25.11 million for the quarter, compared to analyst estimates of $26.38 million. Equities analysts expect 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.