Simplicity Wealth LLC Invests $827,000 in Bit Digital, Inc. $BTBT

Simplicity Wealth LLC purchased a new stake in Bit Digital, Inc. (NASDAQ:BTBT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 275,711 shares of the company’s stock, valued at approximately $827,000. Simplicity Wealth LLC owned approximately 0.09% of Bit Digital at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BTBT. Bailard Inc. acquired a new position in Bit Digital during the third quarter worth $63,000. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Bit Digital by 242.9% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 600,000 shares of the company’s stock worth $1,800,000 after acquiring an additional 425,000 shares during the last quarter. LCM Capital Management Inc purchased a new position in shares of Bit Digital during the 3rd quarter worth $33,000. SG Americas Securities LLC acquired a new position in shares of Bit Digital during the 3rd quarter valued at about $2,036,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Bit Digital during the 3rd quarter valued at about $200,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Stock Performance

NASDAQ:BTBT opened at $2.11 on Friday. Bit Digital, Inc. has a fifty-two week low of $1.69 and a fifty-two week high of $4.55. The company has a 50 day moving average price of $2.20 and a 200 day moving average price of $2.86. The stock has a market capitalization of $682.94 million, a P/E ratio of 5.02 and a beta of 3.94.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.05) EPS for the quarter. Bit Digital had a negative return on equity of 7.11% and a net margin of 127.61%.The firm had revenue of $30.46 million for the quarter, compared to analyst estimates of $29.54 million. Research analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Transactions at Bit Digital

In related news, 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 transaction, the chief financial officer owned 1,585,636 shares of the company’s stock, valued at approximately $3,456,686.48. This represents a 40.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Northland Securities set a $5.00 price objective on shares of Bit Digital in a research report on Monday, November 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Bit Digital in a research report on Monday, December 29th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Monday, November 17th. Zacks Research lowered Bit Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, January 19th. Finally, Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a report on Friday. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $6.00.

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.