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

Chesapeake Capital Corp IL bought a new position in shares of Bit Digital, Inc. (NASDAQ:BTBT) during the 4th quarter, HoldingsChannel reports. The firm bought 32,850 shares of the company’s stock, valued at approximately $96,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bit Digital by 192.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after buying an additional 530,411 shares in the last quarter. Stifel Financial Corp bought a new stake in shares of Bit Digital in the 3rd quarter valued at about $38,000. SG Americas Securities LLC boosted its holdings in shares of Bit Digital by 427.6% in the 4th quarter. SG Americas Securities LLC now owns 219,520 shares of the company’s stock valued at $643,000 after buying an additional 177,911 shares in the last quarter. Segall Bryant & Hamill LLC bought a new stake in shares of Bit Digital in the 3rd quarter valued at about $1,222,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Bit Digital by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock valued at $8,512,000 after buying an additional 42,375 shares in the last quarter. 47.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in 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. Craig Hallum assumed coverage on shares of Bit Digital in a report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price target on the stock.

Bit Digital Stock Down 6.2 %

Shares of Bit Digital stock opened at $2.26 on Wednesday. The firm has a market capitalization of $346.93 million, a P/E ratio of 37.67 and a beta of 5.13. The company has a 50 day moving average price of $2.96 and a 200 day moving average price of $3.44. Bit Digital, Inc. has a 52 week low of $1.76 and a 52 week high of $5.74.

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