Crescent Grove Advisors LLC Makes New Investment in Bit Digital, Inc. (NASDAQ:BTBT)

Crescent Grove Advisors LLC acquired a new stake in Bit Digital, Inc. (NASDAQ:BTBT) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 10,000 shares of the company’s stock, valued at approximately $35,000.

Several other large investors have also recently made changes to their positions in the business. Van ECK Associates Corp boosted its holdings in shares of Bit Digital by 25.2% in the 3rd quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock worth $17,259,000 after buying an additional 898,329 shares during the last quarter. Millennium Management LLC boosted its stake in Bit Digital by 66.6% in the second quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after acquiring an additional 1,033,767 shares during the last quarter. Vident Advisory LLC grew its position in shares of Bit Digital by 79.6% during the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock valued at $6,089,000 after acquiring an additional 940,161 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Bit Digital by 9.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company’s stock worth $5,483,000 after purchasing an additional 165,044 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Bit Digital in the second quarter valued at approximately $2,126,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BTBT shares. B. Riley initiated coverage on Bit Digital in a research report on Thursday, October 24th. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright upped their price objective on shares of Bit Digital from $6.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, October 16th.

Bit Digital Price Performance

Shares of BTBT stock opened at $4.10 on Thursday. The stock has a market capitalization of $293.64 million, a price-to-earnings ratio of 16.42 and a beta of 4.79. The company’s fifty day simple moving average is $3.36 and its two-hundred day simple moving average is $3.10. Bit Digital, Inc. has a 1 year low of $1.76 and a 1 year high of $5.27.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. The company had revenue of $28.95 million during the quarter, compared to analysts’ expectations of $26.63 million. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. Equities research analysts anticipate that Bit Digital, Inc. will post -0.06 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.