Saba Capital Management L.P. Trims Holdings in BTC Development Corp. $BDCI

Saba Capital Management L.P. decreased its position in shares of BTC Development Corp. (NASDAQ:BDCI) by 22.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 405,127 shares of the company’s stock after selling 119,873 shares during the quarter. Saba Capital Management L.P.’s holdings in BTC Development were worth $4,047,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Sona Asset Management US LLC acquired a new position in BTC Development in the 1st quarter worth approximately $2,622,000. Bulldog Investors LLP acquired a new stake in BTC Development during the 1st quarter valued at approximately $670,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of BTC Development in the 4th quarter valued at $1,002,000. Lineage Point Capital LP purchased a new stake in shares of BTC Development in the 4th quarter valued at $2,002,000. Finally, Virtu Financial LLC acquired a new stake in shares of BTC Development in the fourth quarter worth $847,000.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of BTC Development from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

BTC Development Stock Performance

BDCI stock opened at $10.07 on Tuesday. The firm has a market cap of $305.62 million and a PE ratio of 40.28. The firm’s fifty day moving average is $10.07 and its 200 day moving average is $10.04. BTC Development Corp. has a one year low of $9.96 and a one year high of $10.26.

BTC Development (NASDAQ:BDCI) last issued its quarterly earnings data on Tuesday, May 12th. The company reported $0.05 earnings per share for the quarter.

BTC Development Profile

We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination involving one or more businesses or assets, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited to organizational activities as well as activities related to this offering. We have not identified any acquisition target and we have not, nor has anyone on our behalf, initiated any discussions, directly or indirectly, with respect to identifying any acquisition target.