Van ECK Associates Corp Purchases 2,220,486 Shares of Bit Digital, Inc. $BTBT

Van ECK Associates Corp lifted its position in Bit Digital, Inc. (NASDAQ:BTBT) by 47.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,921,408 shares of the company’s stock after acquiring an additional 2,220,486 shares during the quarter. Van ECK Associates Corp’s holdings in Bit Digital were worth $20,764,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Sheets Smith Wealth Management bought a new position in Bit Digital during the 3rd quarter worth about $30,000. LCM Capital Management Inc purchased a new position in Bit Digital during the 3rd quarter valued at about $33,000. Rafferty Asset Management LLC bought a new stake in shares of Bit Digital in the 3rd quarter valued at about $33,000. Walleye Trading LLC bought a new stake in shares of Bit Digital in the 2nd quarter valued at about $25,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of Bit Digital in the 3rd quarter worth approximately $35,000. 47.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Northland Securities set a $5.00 price target on Bit Digital in a report on Monday, November 17th. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $6.00.

Bit Digital Trading Up 3.4%

Shares of NASDAQ:BTBT traded up $0.06 during trading on Friday, reaching $1.68. The stock had a trading volume of 4,681,076 shares, compared to its average volume of 27,444,449. The firm’s 50-day simple moving average is $1.93 and its 200 day simple moving average is $2.53. Bit Digital, Inc. has a one year low of $1.49 and a one year high of $4.55. The company has a market capitalization of $542.15 million, a P/E ratio of 3.99 and a beta of 4.00.

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.