Monashee Investment Management LLC Purchases New Shares in Bit Digital, Inc. $BTBT

Monashee Investment Management LLC acquired a new stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,500,000 shares of the company’s stock, valued at approximately $4,500,000. Bit Digital comprises 2.2% of Monashee Investment Management LLC’s investment portfolio, making the stock its 15th biggest holding. Monashee Investment Management LLC owned 0.47% of Bit Digital as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the business. Walleye Trading LLC purchased a new stake in shares of Bit Digital during the 2nd quarter valued at about $25,000. Sheets Smith Wealth Management bought a new stake in Bit Digital during the third quarter worth approximately $30,000. LCM Capital Management Inc purchased a new stake in Bit Digital during the third quarter valued at approximately $33,000. Rafferty Asset Management LLC purchased a new stake in Bit Digital during the third quarter valued at approximately $33,000. Finally, Legal & General Group Plc lifted its stake in shares of Bit Digital by 60.2% in the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after purchasing an additional 6,206 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BTBT has been the topic of several analyst reports. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Monday, November 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Wall Street Zen raised shares of Bit Digital from a “sell” rating to a “hold” rating in a research note on Saturday, February 21st. Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, Northland Securities set a $5.00 price target on shares of Bit Digital in a research note on Monday, November 17th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $6.00.

Bit Digital Stock Down 6.2%

Shares of Bit Digital stock opened at $1.67 on Friday. The stock’s fifty day moving average is $1.99 and its two-hundred day moving average is $2.61. Bit Digital, Inc. has a 52 week low of $1.49 and a 52 week high of $4.55. The company has a market capitalization of $540.53 million, a PE ratio of 3.98 and a beta of 3.94.

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.