Van ECK Associates Corp Has $17.26 Million Stock Holdings in Bit Digital, Inc. (NASDAQ:BTBT)

Van ECK Associates Corp lifted its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT - Free Report) by 25.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,459,689 shares of the company's stock after purchasing an additional 898,329 shares during the period. Van ECK Associates Corp owned approximately 5.41% of Bit Digital worth $17,259,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Capital Advisors Inc. OK acquired a new position in Bit Digital in the third quarter valued at approximately $88,000. Vima LLC increased its position in shares of Bit Digital by 26.5% during the third quarter. Vima LLC now owns 89,469 shares of the company's stock worth $314,000 after acquiring an additional 18,748 shares in the last quarter. Creative Planning acquired a new position in Bit Digital during the third quarter worth $37,000. SG Americas Securities LLC boosted its holdings in Bit Digital by 96.3% during the third quarter. SG Americas Securities LLC now owns 41,609 shares of the company's stock worth $146,000 after purchasing an additional 20,413 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Bit Digital by 42.4% during the second quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company's stock worth $141,000 after purchasing an additional 13,170 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Bit Digital Price Performance

BTBT stock traded up $0.60 during trading hours on Wednesday, reaching $4.10. The stock had a trading volume of 21,157,878 shares, compared to its average volume of 9,269,623. The stock has a market capitalization of $293.64 million, a PE ratio of 16.42 and a beta of 4.79. The stock has a 50-day simple moving average of $3.36 and a 200 day simple moving average of $3.10. Bit Digital, Inc. has a fifty-two week low of $1.76 and a fifty-two week high of $5.27.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings results on Monday, August 19th. The company reported ($0.01) EPS for the quarter, beating analysts' consensus estimates of ($0.03) by $0.02. The firm had revenue of $28.95 million during the quarter, compared to analysts' expectations of $26.63 million. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. On average, sell-side analysts forecast that Bit Digital, Inc. will post -0.06 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on the stock. B. Riley assumed coverage on shares of Bit Digital in a research note on Thursday, October 24th. They issued a "buy" rating and a $6.00 price target for the company. HC Wainwright increased their price target on shares of Bit Digital from $6.00 to $7.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th.

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.