Arrowstreet Capital Limited Partnership Makes New Investment in Bit Digital, Inc. (NASDAQ:BTBT)

Arrowstreet Capital Limited Partnership purchased a new stake in Bit Digital, Inc. (NASDAQ:BTBT) in the 4th quarter, Holdings Channel reports. The fund purchased 129,141 shares of the company’s stock, valued at approximately $378,000.

Several other hedge funds have also modified their holdings of BTBT. Orion Portfolio Solutions LLC acquired a new position in Bit Digital during the fourth quarter worth $38,000. Blair William & Co. IL purchased a new stake in shares of Bit Digital during the 4th quarter worth $264,000. LPL Financial LLC grew its stake in shares of Bit Digital by 142.4% during the 4th quarter. LPL Financial LLC now owns 43,913 shares of the company’s stock worth $129,000 after purchasing an additional 25,795 shares during the period. Quantbot Technologies LP purchased a new position in shares of Bit Digital in the 4th quarter valued at about $283,000. Finally, Chesapeake Capital Corp IL acquired a new stake in shares of Bit Digital in the fourth quarter valued at about $96,000. 47.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BTBT. Craig Hallum assumed coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They set a “buy” rating and a $6.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a report on Monday, March 17th.

Bit Digital Trading Up 6.9 %

Shares of NASDAQ BTBT opened at $1.85 on Monday. The company’s 50-day moving average price is $2.44 and its 200 day moving average price is $3.31. Bit Digital, Inc. has a 52 week low of $1.69 and a 52 week high of $5.74. The stock has a market cap of $283.99 million, a price-to-earnings ratio of 30.83 and a beta of 6.05.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, March 14th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. The business had revenue of $26.10 million for the quarter, compared to analysts’ expectations of $25.06 million. During the same period last year, the business earned ($0.16) earnings per share. As a group, research analysts expect that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

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.