306,000 Shares in Bit Digital, Inc. $BTBT Bought by J. Derek Lewis & Associates Inc.

J. Derek Lewis & Associates Inc. purchased a new stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 306,000 shares of the company’s stock, valued at approximately $578,000. J. Derek Lewis & Associates Inc. owned about 0.09% of Bit Digital as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in BTBT. Caitong International Asset Management Co. Ltd bought a new stake in Bit Digital in the 4th quarter worth $273,000. Invesco Ltd. boosted its holdings in shares of Bit Digital by 18.0% during the fourth quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock worth $19,831,000 after purchasing an additional 1,604,011 shares during the period. Vident Advisory LLC boosted its holdings in shares of Bit Digital by 9.7% during the fourth quarter. Vident Advisory LLC now owns 1,229,756 shares of the company’s stock worth $2,324,000 after purchasing an additional 108,387 shares during the period. Mackenzie Financial Corp grew its stake 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 worth $39,000 after purchasing an additional 8,630 shares during the last quarter. Finally, XTX Topco Ltd grew its stake in shares of Bit Digital by 162.9% in the fourth quarter. XTX Topco Ltd now owns 388,886 shares of the company’s stock worth $735,000 after purchasing an additional 240,950 shares during the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on BTBT shares. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research report on Thursday, April 2nd. Wall Street Zen lowered Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Weiss Ratings cut Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 18th. B. Riley Financial restated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Finally, Zacks Research lowered Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Bit Digital currently has an average rating of “Hold” and an average target price of $5.67.

Bit Digital Price Performance

BTBT stock opened at $2.17 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 6.36 and a quick ratio of 6.36. Bit Digital, Inc. has a 1 year low of $1.25 and a 1 year high of $4.55. The firm has a 50-day moving average of $1.79 and a 200 day moving average of $1.86. The company has a market cap of $757.74 million, a P/E ratio of -3.19 and a beta of 3.98.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.41). Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. The firm had revenue of $27.92 million for the quarter, compared to the consensus estimate of $25.73 million. On average, sell-side analysts forecast that Bit Digital, Inc. will post -0.39 EPS for the current year.

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.