Caitong International Asset Management Co. Ltd Grows Stock Position in Bit Digital, Inc. $BTBT

Caitong International Asset Management Co. Ltd lifted its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 240.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,819 shares of the company’s stock after purchasing an additional 36,619 shares during the quarter. Caitong International Asset Management Co. Ltd’s holdings in Bit Digital were worth $113,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of BTBT. HBK Sorce Advisory LLC purchased a new stake in shares of Bit Digital during the first quarter worth approximately $49,000. Cerity Partners LLC purchased a new stake in shares of Bit Digital during the first quarter worth approximately $25,000. Ballentine Partners LLC raised its stake in shares of Bit Digital by 87.8% during the first quarter. Ballentine Partners LLC now owns 25,371 shares of the company’s stock worth $51,000 after purchasing an additional 11,862 shares during the last quarter. Private Advisor Group LLC purchased a new stake in shares of Bit Digital during the first quarter worth approximately $53,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Bit Digital during the first quarter worth approximately $354,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Bit Digital in a research report on Friday. Wall Street Zen upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 16th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a research report on Monday, August 18th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.50.

Bit Digital Stock Up 5.1%

Shares of BTBT stock opened at $3.91 on Friday. Bit Digital, Inc. has a fifty-two week low of $1.69 and a fifty-two week high of $5.74. The stock has a market cap of $1.26 billion, a P/E ratio of -12.61 and a beta of 4.77. The business has a fifty day simple moving average of $3.19 and a 200-day simple moving average of $2.78.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). Bit Digital had a negative return on equity of 9.90% and a negative net margin of 52.86%.The business had revenue of $25.66 million during the quarter, compared to analysts’ expectations of $27.46 million. On average, sell-side analysts anticipate that Bit Digital, Inc. will post -0.2 earnings per share 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.