CCG Wealth Management LLC Takes $123,000 Position in Bit Digital, Inc. $BTBT

CCG Wealth Management LLC purchased a new stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 56,000 shares of the company’s stock, valued at approximately $123,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cerity Partners LLC acquired a new position in Bit Digital in the 1st quarter valued at $25,000. Caitong International Asset Management Co. Ltd grew its stake in Bit Digital by 2,892.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 15,200 shares of the company’s stock valued at $31,000 after buying an additional 14,692 shares during the last quarter. Plancorp LLC grew its stake in Bit Digital by 34.8% in the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company’s stock valued at $34,000 after buying an additional 4,000 shares during the last quarter. Byrne Asset Management LLC grew its stake in Bit Digital by 207.7% in the 1st quarter. Byrne Asset Management LLC now owns 17,538 shares of the company’s stock valued at $35,000 after buying an additional 11,838 shares during the last quarter. Finally, OLD Mission Capital LLC grew its stake in Bit Digital by 112.6% in the 1st quarter. OLD Mission Capital LLC now owns 22,302 shares of the company’s stock valued at $45,000 after buying an additional 11,812 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BTBT shares. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Monday, August 18th. Wall Street Zen upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 16th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Bit Digital in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Bit Digital presently has an average rating of “Moderate Buy” and a consensus price target of $6.33.

Bit Digital Stock Performance

NASDAQ:BTBT opened at $3.76 on Friday. The company has a 50-day moving average of $3.03 and a 200-day moving average of $2.66. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -12.13 and a beta of 4.77. Bit Digital, Inc. has a 52 week low of $1.69 and a 52 week high of $5.74.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). The company had revenue of $25.66 million during the quarter, compared to the consensus estimate of $27.46 million. Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. Sell-side analysts forecast that Bit Digital, Inc. will post -0.2 EPS for the current year.

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.