Allspring Global Investments Holdings LLC Makes New Investment in Bit Digital, Inc. $BTBT

Allspring Global Investments Holdings LLC bought a new stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) in the 1st quarter, Holdings Channel reports. The institutional investor bought 5,799,768 shares of the company’s stock, valued at approximately $8,004,000.

Several other institutional investors have also added to or reduced their stakes in BTBT. AQR Capital Management LLC increased its position in Bit Digital by 815.3% in the first quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock worth $409,000 after purchasing an additional 180,509 shares during the last quarter. Millennium Management LLC boosted its position in shares of Bit Digital by 62.6% during the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock valued at $4,721,000 after buying an additional 899,967 shares during the period. JPMorgan Chase & Co. grew its position in Bit Digital by 304.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company’s stock valued at $637,000 after acquiring an additional 218,789 shares during the last quarter. Legal & General Group Plc grew 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 worth $36,000 after purchasing an additional 6,206 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Bit Digital by 62.4% during the second quarter. Rhumbline Advisers now owns 258,938 shares of the company’s stock worth $567,000 after acquiring an additional 99,490 shares during the period. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BTBT shares. Craig Hallum restated a “buy” rating and issued a $3.50 price objective on shares of Bit Digital in a report on Tuesday, July 14th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research note on Monday, May 18th. Weiss Ratings lowered shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 18th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a report on Thursday, April 2nd. Finally, Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Bit Digital has a consensus rating of “Hold” and a consensus target price of $5.12.

Bit Digital Stock Down 3.8%

Shares of BTBT opened at $1.50 on Friday. The company has a quick ratio of 6.36, a current ratio of 6.36 and a debt-to-equity ratio of 0.56. The stock has a fifty day simple moving average of $1.81 and a two-hundred day simple moving average of $1.78. Bit Digital, Inc. has a 52-week low of $1.25 and a 52-week high of $4.55. The company has a market capitalization of $523.78 million, a PE ratio of -2.21 and a beta of 4.02.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results 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). The firm had revenue of $27.92 million during the quarter, compared to analysts’ expectations of $25.73 million. Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. As a group, equities analysts forecast that Bit Digital, Inc. will post -0.55 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.