JPMorgan Chase & Co. Purchases 1,997,304 Shares of Bit Digital, Inc. $BTBT

JPMorgan Chase & Co. raised its position in Bit Digital, Inc. (NASDAQ:BTBT) by 686.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,288,068 shares of the company’s stock after acquiring an additional 1,997,304 shares during the period. JPMorgan Chase & Co.’s holdings in Bit Digital were worth $6,864,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of BTBT. AQR Capital Management LLC lifted its holdings in shares of Bit Digital by 815.3% during the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock valued at $409,000 after purchasing an additional 180,509 shares during the last quarter. Millennium Management LLC grew its stake in Bit Digital by 62.6% during the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after buying an additional 899,967 shares during the last quarter. Geode Capital Management LLC increased its position in Bit Digital by 24.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company’s stock valued at $7,853,000 after buying an additional 699,134 shares in the last quarter. Creative Planning increased its position in Bit Digital by 29.3% during the 2nd quarter. Creative Planning now owns 273,028 shares of the company’s stock valued at $598,000 after buying an additional 61,870 shares in the last quarter. Finally, Intech Investment Management LLC raised its stake in Bit Digital by 27.2% in the second quarter. Intech Investment Management LLC now owns 97,131 shares of the company’s stock valued at $213,000 after buying an additional 20,799 shares during the last quarter. 47.70% of the stock is owned by hedge funds and other institutional investors.

Bit Digital Trading Up 3.6%

Shares of Bit Digital stock opened at $1.31 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.39 and a quick ratio of 17.53. The firm has a fifty day moving average price of $1.74 and a 200 day moving average price of $2.42. Bit Digital, Inc. has a 1 year low of $1.25 and a 1 year high of $4.55. The stock has a market cap of $427.82 million, a PE ratio of -2.38 and a beta of 4.00.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Friday, March 27th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate 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 business had revenue of $32.34 million during the quarter, compared to analysts’ expectations of $31.87 million. Equities research analysts predict that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on BTBT shares. Wall Street Zen downgraded Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Weiss Ratings lowered shares of Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday. Finally, Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Bit Digital presently has an average rating of “Hold” and an average price target 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.