Bit Digital, Inc. $BTBT Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA decreased its position in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 94.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,000 shares of the company’s stock after selling 564,032 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Bit Digital were worth $43,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Walleye Trading LLC bought a new stake in Bit Digital in the 2nd quarter valued at about $25,000. Cerity Partners LLC acquired a new stake in shares of Bit Digital in the fourth quarter valued at approximately $26,000. nVerses Capital LLC acquired a new stake in shares of Bit Digital in the fourth quarter valued at approximately $26,000. Marathon Capital Management bought a new stake in shares of Bit Digital during the fourth quarter valued at approximately $28,000. Finally, E6 Portfolios LLC acquired a new position in shares of Bit Digital during the fourth quarter worth approximately $28,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Price Performance

Shares of NASDAQ BTBT opened at $1.64 on Tuesday. Bit Digital, Inc. has a twelve month low of $1.25 and a twelve month high of $4.55. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56. The firm has a 50-day moving average of $1.88 and a two-hundred day moving average of $1.81. The company has a market capitalization of $572.67 million, a price-to-earnings ratio of -2.41 and a beta of 4.02.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.41). Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%.The business had revenue of $27.92 million during the quarter, compared to analyst estimates of $25.73 million. As a group, analysts expect that Bit Digital, Inc. will post -0.55 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BTBT has been the topic of several analyst reports. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Thursday, April 2nd. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, April 6th. Finally, Weiss Ratings downgraded shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.67.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.