Quantbot Technologies LP Takes Position in Bit Digital, Inc. $BTBT

Quantbot Technologies LP purchased a new position in shares of Bit Digital, Inc. (NASDAQ:BTBT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 779,574 shares of the company’s stock, valued at approximately $2,339,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of BTBT. Vanguard Group Inc. increased its stake in Bit Digital by 549.2% in the third quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock valued at $21,992,000 after purchasing an additional 6,201,477 shares during the period. Balyasny Asset Management L.P. acquired a new position in Bit Digital in the 2nd quarter valued at about $10,385,000. Valiant Capital Management L.P. acquired a new position in Bit Digital in the 2nd quarter valued at about $8,760,000. Hood River Capital Management LLC purchased a new stake in Bit Digital during the 2nd quarter valued at approximately $5,703,000. Finally, Conversant Capital LLC acquired a new stake in Bit Digital during the 2nd quarter worth approximately $4,982,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a report on Monday, November 17th. Northland Securities set a $5.00 price objective on shares of Bit Digital in a research report on Monday, November 17th. Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Bit Digital from a “sell” rating to a “hold” rating in a research note on Saturday, February 21st. Finally, Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.00.

Bit Digital Stock Down 5.6%

NASDAQ:BTBT opened at $1.67 on Wednesday. The firm’s fifty day simple moving average is $1.97 and its 200-day simple moving average is $2.58. The stock has a market cap of $540.53 million, a PE ratio of 3.98 and a beta of 4.00. Bit Digital, Inc. has a fifty-two week low of $1.49 and a fifty-two 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.