Lazard Asset Management LLC Grows Stock Holdings in Bit Digital, Inc. $BTBT

Lazard Asset Management LLC grew its stake in Bit Digital, Inc. (NASDAQ:BTBT) by 30.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,780,543 shares of the company’s stock after acquiring an additional 417,501 shares during the period. Lazard Asset Management LLC owned 0.55% of Bit Digital worth $2,333,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BTBT. Walleye Trading LLC bought a new stake in shares of Bit Digital during the second quarter valued at approximately $25,000. Cerity Partners LLC bought a new position in Bit Digital in the fourth quarter worth approximately $26,000. nVerses Capital LLC bought a new position in Bit Digital in the fourth quarter worth approximately $26,000. E6 Portfolios LLC bought a new position in Bit Digital in the fourth quarter worth approximately $28,000. Finally, Marathon Capital Management purchased a new position in Bit Digital during the 4th quarter worth $28,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Weiss Ratings downgraded Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. Craig Hallum restated a “buy” rating and set a $3.50 price target on shares of Bit Digital in a research note on Tuesday, July 14th. Finally, B. Riley Financial restated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Bit Digital presently has an average rating of “Hold” and a consensus target price of $5.12.

Bit Digital Price Performance

NASDAQ BTBT opened at $1.31 on Monday. The company has a market cap of $457.44 million, a PE ratio of -1.93 and a beta of 4.02. The firm’s 50 day moving average price is $1.76 and its 200-day moving average price is $1.74. The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36. Bit Digital, Inc. has a 52-week low of $1.18 and a 52-week high of $4.55.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.41). The business had revenue of $27.92 million during the quarter, compared to the consensus estimate of $25.73 million. Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%. Sell-side analysts forecast that Bit Digital, Inc. will post -0.55 EPS for the current fiscal year.

About Bit Digital

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.