Two Seas Capital LP Grows Holdings in Bit Digital, Inc. (NASDAQ:BTBT)

Two Seas Capital LP lifted its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 60.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 662,414 shares of the company's stock after acquiring an additional 250,000 shares during the quarter. Bit Digital makes up 0.2% of Two Seas Capital LP's holdings, making the stock its 25th biggest holding. Two Seas Capital LP owned about 0.43% of Bit Digital worth $1,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. OLD Mission Capital LLC bought a new position in Bit Digital during the fourth quarter worth $31,000. Cibc World Markets Corp bought a new position in Bit Digital during the fourth quarter worth $33,000. Wedbush Securities Inc. bought a new position in Bit Digital during the fourth quarter worth $37,000. Stifel Financial Corp bought a new position in Bit Digital during the third quarter worth $38,000. Finally, Orion Portfolio Solutions LLC bought a new position in Bit Digital during the fourth quarter worth $38,000. 47.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BTBT. Craig Hallum began coverage on shares of Bit Digital in a research note 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 report on Monday, April 21st.

Bit Digital Price Performance

Shares of NASDAQ BTBT traded up $0.02 during mid-day trading on Monday, reaching $2.11. 10,478,825 shares of the company's stock traded hands, compared to its average volume of 13,500,995. The stock has a market cap of $385.62 million, a P/E ratio of 35.17 and a beta of 6.05. The business has a 50-day simple moving average of $2.20 and a 200 day simple moving average of $3.22. 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 released its quarterly earnings results 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 firm had revenue of $26.10 million for the quarter, compared to analysts' expectations of $25.06 million. During the same quarter last year, the firm posted ($0.16) earnings per share. Equities research analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal 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.