Bit Digital, Inc. (NASDAQ:BTBT) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its holdings in Bit Digital, Inc. (NASDAQ:BTBT) by 42.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,219 shares of the company’s stock after purchasing an additional 13,170 shares during the period. The Manufacturers Life Insurance Company’s holdings in Bit Digital were worth $141,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Van ECK Associates Corp lifted its position in Bit Digital by 133.9% in the first quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock valued at $14,351,000 after buying an additional 2,862,309 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after acquiring an additional 1,033,767 shares during the last quarter. Vident Advisory LLC boosted its position in shares of Bit Digital by 79.6% during the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock worth $6,089,000 after purchasing an additional 940,161 shares during the period. Squarepoint Ops LLC acquired a new stake in Bit Digital in the 2nd quarter valued at approximately $2,126,000. Finally, Headlands Technologies LLC purchased a new stake in Bit Digital in the second quarter valued at approximately $910,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, HC Wainwright raised their price target on Bit Digital from $6.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday.

Bit Digital Price Performance

Shares of NASDAQ:BTBT opened at $4.05 on Friday. The firm has a market capitalization of $334.06 million, a PE ratio of 13.50 and a beta of 4.79. Bit Digital, Inc. has a 1 year low of $1.76 and a 1 year high of $5.27. The firm’s 50-day moving average is $3.22 and its two-hundred day moving average is $2.94.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $28.95 million for the quarter, compared to the consensus estimate of $26.63 million. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. Analysts expect that Bit Digital, Inc. will post -0.02 EPS for the current fiscal year.

About Bit Digital

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.