3,251,806 Shares in Bit Digital, Inc. $BTBT Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC bought a new position in shares of Bit Digital, Inc. (NASDAQ:BTBT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,251,806 shares of the company’s stock, valued at approximately $7,512,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. CCG Wealth Management LLC acquired a new position in shares of Bit Digital during the second quarter worth $123,000. Plancorp LLC grew its stake in shares of Bit Digital by 34.8% during the second quarter. Plancorp LLC now owns 15,500 shares of the company’s stock worth $34,000 after purchasing an additional 4,000 shares in the last quarter. Ballentine Partners LLC grew its stake in shares of Bit Digital by 103.4% during the second quarter. Ballentine Partners LLC now owns 51,601 shares of the company’s stock worth $113,000 after purchasing an additional 26,230 shares in the last quarter. Byrne Asset Management LLC grew its stake in shares of Bit Digital by 22.5% during the second quarter. Byrne Asset Management LLC now owns 21,492 shares of the company’s stock worth $47,000 after purchasing an additional 3,954 shares in the last quarter. Finally, Uniplan Investment Counsel Inc. grew its stake in shares of Bit Digital by 203.8% during the first quarter. Uniplan Investment Counsel Inc. now owns 1,089,300 shares of the company’s stock worth $2,200,000 after purchasing an additional 730,766 shares in the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Price Performance

Shares of BTBT opened at $3.65 on Monday. Bit Digital, Inc. has a 1-year low of $1.69 and a 1-year high of $5.74. The stock has a market cap of $1.17 billion, a PE ratio of -11.77 and a beta of 4.77. The firm has a fifty day moving average price of $3.11 and a 200 day moving average price of $2.73.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Thursday, August 14th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. The business had revenue of $25.66 million during the quarter, compared to analysts’ expectations of $27.46 million. As a group, equities analysts expect that Bit Digital, Inc. will post -0.2 EPS for the current fiscal year.

Analysts Set New Price Targets

BTBT has been the subject of a number of analyst reports. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Monday, August 18th. Wall Street Zen raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 16th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Bit Digital in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.33.

Bit Digital Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.