Insider Selling: Bit Digital (NASDAQ:BTBT) CFO Sells 1,089,364 Shares of Stock

Bit Digital, Inc. (NASDAQ:BTBT) CFO Erke Huang sold 1,089,364 shares of the stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $2.18, for a total transaction of $2,374,813.52. Following the sale, the chief financial officer owned 1,585,636 shares of the company’s stock, valued at $3,456,686.48. This trade represents a 40.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Erke Huang also recently made the following trade(s):

• On Friday, November 21st, Erke Huang sold 410,636 shares of Bit Digital stock. The stock was sold at an average price of $2.01, for a total value of $825,378.36.

Bit Digital Stock Up 9.6%

BTBT traded up $0.20 on Monday, hitting $2.29. 45,525,965 shares of the company traded hands, compared to its average volume of 27,529,273. The company has a 50 day moving average of $3.29 and a 200-day moving average of $2.95. The stock has a market capitalization of $741.20 million, a PE ratio of 5.45 and a beta of 4.79. Bit Digital, Inc. has a 12-month low of $1.69 and a 12-month high of $5.20.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter. The company had revenue of $30.46 million during the quarter, compared to analysts’ expectations of $29.54 million. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. On average, research analysts anticipate that Bit Digital, Inc. will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of BTBT. Byrne Asset Management LLC boosted its position in shares of Bit Digital by 22.5% during the 2nd quarter. Byrne Asset Management LLC now owns 21,492 shares of the company’s stock worth $47,000 after purchasing an additional 3,954 shares in the last quarter. Plancorp LLC lifted its stake in shares of Bit Digital by 34.8% in the second quarter. Plancorp LLC now owns 15,500 shares of the company’s stock valued at $34,000 after purchasing an additional 4,000 shares during the period. Kingsview Wealth Management LLC lifted its stake in shares of Bit Digital by 17.3% in the second quarter. Kingsview Wealth Management LLC now owns 28,295 shares of the company’s stock valued at $62,000 after purchasing an additional 4,175 shares during the period. American Century Companies Inc. boosted its holdings in Bit Digital by 2.4% during the second quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock worth $402,000 after buying an additional 4,374 shares in the last quarter. Finally, Ethic Inc. grew its position in Bit Digital by 31.8% during the second quarter. Ethic Inc. now owns 19,644 shares of the company’s stock worth $39,000 after buying an additional 4,739 shares during the period. Institutional investors and hedge funds own 47.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on BTBT shares. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research note on Thursday. Northland Securities set a $5.00 target price on shares of Bit Digital in a report on Monday, November 17th. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Monday, November 17th. Finally, Wall Street Zen cut shares of Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $6.00.

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.