Van ECK Associates Corp Has $17.26 Million Stock Position in Bit Digital, Inc. (NASDAQ:BTBT)

Van ECK Associates Corp boosted its stake in Bit Digital, Inc. (NASDAQ:BTBT) by 25.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 4,459,689 shares of the company’s stock after buying an additional 898,329 shares during the period. Van ECK Associates Corp owned approximately 5.41% of Bit Digital worth $17,259,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Millennium Management LLC grew its stake in Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after buying an additional 1,033,767 shares during the last quarter. Vident Advisory LLC grew its stake in Bit Digital by 79.6% in the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company’s stock valued at $6,089,000 after buying an additional 940,161 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Bit Digital by 9.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company’s stock valued at $5,483,000 after buying an additional 165,044 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Bit Digital in the 2nd quarter valued at about $2,126,000. Finally, Bank of New York Mellon Corp grew its stake in Bit Digital by 51.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 373,241 shares of the company’s stock valued at $1,187,000 after buying an additional 126,101 shares during the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Stock Up 3.9 %

NASDAQ BTBT opened at $3.50 on Wednesday. The company has a market capitalization of $293.64 million, a P/E ratio of 14.58 and a beta of 4.79. Bit Digital, Inc. has a 12-month low of $1.76 and a 12-month high of $5.27. The firm has a 50-day moving average price of $3.36 and a two-hundred day moving average price of $3.09.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. The company had revenue of $28.95 million during the quarter, compared to the consensus estimate of $26.63 million. Equities analysts expect that Bit Digital, Inc. will post -0.06 EPS for the current year.

Analysts Set New Price Targets

BTBT has been the subject of a number of recent research reports. HC Wainwright boosted their price objective on shares of Bit Digital from $6.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. B. Riley initiated coverage on shares of Bit Digital in a report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective for the company.

Bit Digital Company 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.