Chesapeake Capital Corp IL Purchases New Shares in Bit Digital, Inc. (NASDAQ:BTBT)

Chesapeake Capital Corp IL purchased a new stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 32,850 shares of the company’s stock, valued at approximately $96,000.

A number of other hedge funds also recently bought and sold shares of BTBT. Cibc World Markets Corp purchased a new stake in Bit Digital during the fourth quarter valued at $33,000. Stifel Financial Corp purchased a new stake in shares of Bit Digital in the third quarter valued at $38,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Bit Digital in the fourth quarter valued at $39,000. Ballentine Partners LLC purchased a new stake in shares of Bit Digital in the fourth quarter valued at $40,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Bit Digital in the fourth quarter valued at $49,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Trading Down 6.2 %

NASDAQ BTBT opened at $2.26 on Wednesday. The company’s 50-day moving average price is $2.96 and its 200-day moving average price is $3.44. The stock has a market cap of $346.93 million, a PE ratio of 37.67 and a beta of 5.13. Bit Digital, Inc. has a 12 month low of $1.76 and a 12 month high of $5.74.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Friday, March 14th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). The company had revenue of $26.10 million during the quarter, compared to the consensus estimate of $25.06 million. Bit Digital had a negative return on equity of 5.69% and a negative net margin of 2.75%. During the same quarter in the previous year, the company posted ($0.16) earnings per share. As a group, sell-side analysts forecast that Bit Digital, Inc. will post -0.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BTBT. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research note on Monday. Craig Hallum began coverage on shares of Bit Digital in a research note on Tuesday, January 21st. They issued a “buy” rating and a $6.00 target price on the stock.

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.