1492 Capital Management LLC Acquires Shares of 160,329 Bit Digital, Inc. (NASDAQ:BTBT)

1492 Capital Management LLC bought a new position in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 160,329 shares of the company's stock, valued at approximately $470,000. 1492 Capital Management LLC owned 0.10% of Bit Digital at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. OLD Mission Capital LLC acquired a new position in shares of Bit Digital during the fourth quarter valued at approximately $31,000. Stifel Financial Corp purchased a new position in shares of Bit Digital in the third quarter worth about $38,000. Cibc World Markets Corp acquired a new position in Bit Digital during the fourth quarter worth about $33,000. Wedbush Securities Inc. acquired a new position in Bit Digital during the fourth quarter worth about $37,000. Finally, Orion Portfolio Solutions LLC purchased a new stake in Bit Digital during the 4th quarter valued at about $38,000. Hedge funds and other institutional investors own 47.70% of the company's stock.

Bit Digital Price Performance

NASDAQ:BTBT opened at $1.79 on Friday. The company's 50-day moving average is $2.34 and its two-hundred day moving average is $3.27. The firm has a market capitalization of $274.01 million, a price-to-earnings ratio of 29.75 and a beta of 6.05. Bit Digital, Inc. has a 1-year low of $1.69 and a 1-year high of $5.74.

Bit Digital (NASDAQ:BTBT - Get Free Report) last issued its quarterly earnings data on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $26.10 million during the quarter, compared to analysts' expectations of $25.06 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. As a group, equities analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BTBT has been the topic of several recent research reports. Craig Hallum began coverage on Bit Digital in a report on Tuesday, January 21st. They set a "buy" rating and a $6.00 target price on the stock. HC Wainwright reiterated a "buy" rating and set a $7.00 price objective on shares of Bit Digital in a research report on Monday, March 17th.

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.

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