Deutsche Bank AG Takes Position in Bit Digital, Inc. $BTBT

Deutsche Bank AG purchased a new position in shares of Bit Digital, Inc. (NASDAQ:BTBT) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 176,494 shares of the company’s stock, valued at approximately $357,000. Deutsche Bank AG owned approximately 0.09% of Bit Digital at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. LPL Financial LLC lifted its stake in Bit Digital by 142.4% during the fourth quarter. LPL Financial LLC now owns 43,913 shares of the company’s stock worth $129,000 after purchasing an additional 25,795 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Bit Digital by 18.6% during the 4th quarter. Wells Fargo & Company MN now owns 72,941 shares of the company’s stock worth $214,000 after buying an additional 11,461 shares in the last quarter. Barclays PLC lifted its position in shares of Bit Digital by 22.2% during the 4th quarter. Barclays PLC now owns 287,317 shares of the company’s stock worth $842,000 after buying an additional 52,211 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of Bit Digital by 18.1% during the 4th quarter. MetLife Investment Management LLC now owns 82,357 shares of the company’s stock worth $241,000 after buying an additional 12,640 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Bit Digital by 90.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,529 shares of the company’s stock valued at $46,000 after buying an additional 7,395 shares in the last quarter. 47.70% of the stock is owned by institutional investors.

Bit Digital Price Performance

NASDAQ:BTBT opened at $2.61 on Friday. The firm’s 50 day simple moving average is $2.99 and its 200 day simple moving average is $2.55. Bit Digital, Inc. has a one year low of $1.69 and a one year high of $5.74. The company has a market cap of $838.93 million, a PE ratio of -8.42 and a beta of 4.90.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The firm had revenue of $25.66 million during the quarter, compared to analysts’ expectations of $27.46 million. Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. Equities research analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the company. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Monday, August 18th. Wall Street Zen upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $6.33.

Insiders Place Their Bets

In related news, CEO Samir Tabar purchased 750,000 shares of Bit Digital stock in a transaction on Wednesday, June 25th. The shares were purchased at an average price of $2.00 per share, for a total transaction of $1,500,000.00. Following the transaction, the chief executive officer owned 2,108,089 shares of the company’s stock, valued at approximately $4,216,178. This represents a 55.22% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Brock Jeffrey Pierce purchased 500,000 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The stock was bought at an average cost of $2.00 per share, with a total value of $1,000,000.00. Following the purchase, the director owned 500,000 shares of the company’s stock, valued at approximately $1,000,000. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.80% of the company’s stock.

Bit Digital 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.