Mitsubishi UFJ Asset Management Co. Ltd. Raises Holdings in Bit Digital, Inc. $BTBT

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Bit Digital, Inc. (NASDAQ:BTBT) by 61.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 691,923 shares of the company’s stock after buying an additional 262,717 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Bit Digital were worth $1,412,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Hamilton Wealth LLC purchased a new stake in shares of Bit Digital in the 3rd quarter worth $30,000. LCM Capital Management Inc purchased a new stake in shares of Bit Digital in the 3rd quarter worth approximately $33,000. Rafferty Asset Management LLC purchased a new stake in shares of Bit Digital in the 3rd quarter worth approximately $33,000. Walleye Trading LLC purchased a new stake in shares of Bit Digital in the 2nd quarter worth approximately $25,000. Finally, Mackenzie Financial Corp purchased a new stake in shares of Bit Digital in the 3rd quarter worth approximately $34,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Bit Digital Trading Up 19.4%

NASDAQ:BTBT opened at $2.15 on Tuesday. Bit Digital, Inc. has a 52 week low of $1.25 and a 52 week high of $4.55. The firm has a 50 day moving average of $1.57 and a 200 day moving average of $2.06. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $702.14 million, a price-to-earnings ratio of -3.91 and a beta of 3.95.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Friday, March 27th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). Bit Digital had a negative net margin of 70.70% and a negative return on equity of 5.39%. The firm had revenue of $32.34 million for the quarter, compared to analysts’ expectations of $31.87 million. As a group, sell-side analysts anticipate that Bit Digital, Inc. will post -0.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BTBT shares. Zacks Research cut shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, April 6th. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research note on Thursday, April 2nd. Weiss Ratings cut Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, March 30th. B. Riley Financial decreased their price objective on Bit Digital from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Thursday, April 2nd. Finally, Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $5.67.

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.