KBC Group NV Acquires New Holdings in Bit Digital, Inc. $BTBT

KBC Group NV acquired a new position in Bit Digital, Inc. (NASDAQ:BTBT) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 513,061 shares of the company’s stock, valued at approximately $672,000. KBC Group NV owned 0.16% of Bit Digital as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BTBT. American Century Companies Inc. increased its stake in Bit Digital by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock valued at $402,000 after buying an additional 4,374 shares during the period. Legal & General Group Plc boosted its holdings in shares of Bit Digital by 60.2% in the second quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after acquiring an additional 6,206 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Bit Digital by 75.4% in the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after acquiring an additional 8,630 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Bit Digital by 99.0% during the second quarter. BNP Paribas Financial Markets now owns 19,992 shares of the company’s stock valued at $44,000 after acquiring an additional 9,946 shares during the period. Finally, CCG Wealth Management LLC increased its stake in shares of Bit Digital by 6.9% during the fourth quarter. CCG Wealth Management LLC now owns 154,000 shares of the company’s stock valued at $291,000 after acquiring an additional 10,000 shares during the period. Institutional investors own 47.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. 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. Craig Hallum reiterated a “buy” rating and set a $3.50 price target on shares of Bit Digital in a research report on Tuesday, July 14th. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Finally, Weiss Ratings cut Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $5.12.

Bit Digital Stock Down 8.7%

BTBT stock opened at $1.37 on Friday. The firm has a market cap of $478.39 million, a PE ratio of -2.01 and a beta of 4.02. Bit Digital, Inc. has a 12 month low of $1.25 and a 12 month high of $4.55. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36. The firm has a 50 day simple moving average of $1.81 and a 200 day simple moving average of $1.78.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results 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. Equities research analysts forecast that Bit Digital, Inc. will post -0.55 earnings per share for the current fiscal year.

Bit Digital 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.