Van ECK Associates Corp Increases Stake in Bit Digital, Inc. $BTBT

Van ECK Associates Corp lifted its position in Bit Digital, Inc. (NASDAQ:BTBT) by 47.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,921,408 shares of the company’s stock after acquiring an additional 2,220,486 shares during the quarter. Van ECK Associates Corp owned 2.15% of Bit Digital worth $20,764,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Walleye Trading LLC purchased a new stake in Bit Digital in the 2nd quarter worth about $25,000. Sheets Smith Wealth Management purchased a new position in shares of Bit Digital during the third quarter valued at approximately $30,000. LCM Capital Management Inc bought a new position in shares of Bit Digital during the third quarter valued at approximately $33,000. Rafferty Asset Management LLC purchased a new stake in shares of Bit Digital in the third quarter worth approximately $33,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of Bit Digital in the third quarter worth approximately $35,000. 47.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a report on Monday, November 17th. Wall Street Zen lowered Bit Digital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Northland Securities set a $5.00 target price on Bit Digital in a research report on Monday, November 17th. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Finally, Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $6.00.

Bit Digital Trading Up 3.4%

Shares of Bit Digital stock traded up $0.06 on Friday, hitting $1.68. 4,681,076 shares of the company traded hands, compared to its average volume of 27,444,449. The company has a market cap of $542.15 million, a PE ratio of 3.99 and a beta of 4.00. The stock’s 50 day moving average price is $1.93 and its 200-day moving average price is $2.53. Bit Digital, Inc. has a 52 week low of $1.49 and a 52 week high of $4.55.

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.