Van ECK Associates Corp Sells 353,853 Shares of Bit Digital, Inc. (NASDAQ:BTBT)

Van ECK Associates Corp reduced its holdings in Bit Digital, Inc. (NASDAQ:BTBT) by 7.9% in the 4th quarter, Holdings Channel reports. The fund owned 4,105,836 shares of the company’s stock after selling 353,853 shares during the quarter. Van ECK Associates Corp’s holdings in Bit Digital were worth $12,030,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of BTBT. Tidal Investments LLC grew its position in shares of Bit Digital by 22.0% in the 3rd quarter. Tidal Investments LLC now owns 45,800 shares of the company’s stock valued at $161,000 after purchasing an additional 8,250 shares during the period. Crescent Grove Advisors LLC acquired a new position in shares of Bit Digital in the third quarter valued at approximately $35,000. Creative Planning bought a new stake in shares of Bit Digital during the third quarter worth $37,000. Stifel Financial Corp acquired a new stake in shares of Bit Digital during the third quarter worth $38,000. Finally, The Manufacturers Life Insurance Company lifted its position in Bit Digital by 42.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company’s stock valued at $141,000 after acquiring an additional 13,170 shares in the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Price Performance

Shares of NASDAQ:BTBT opened at $3.12 on Friday. The stock has a market capitalization of $478.95 million, a PE ratio of 52.00 and a beta of 4.88. The company’s 50-day moving average price is $3.46 and its two-hundred day moving average price is $3.55. Bit Digital, Inc. has a one year low of $1.76 and a one year high of $5.74.

Analyst Ratings Changes

BTBT has been the subject of a number of research reports. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley assumed coverage on Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective for the company. Finally, Craig Hallum assumed coverage on Bit Digital in a research note on Tuesday, January 21st. They issued a “buy” rating and a $6.00 target price on the 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.