Van ECK Associates Corp Sells 353,853 Shares of Bit Digital, Inc. (NASDAQ:BTBT)

Van ECK Associates Corp reduced its stake in shares of Bit Digital, Inc. (NASDAQ:BTBT) by 7.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,105,836 shares of the company’s stock after selling 353,853 shares during the quarter. Van ECK Associates Corp owned about 2.67% of Bit Digital worth $12,030,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BTBT. Tidal Investments LLC boosted its position in Bit Digital by 22.0% in the 3rd quarter. Tidal Investments LLC now owns 45,800 shares of the company’s stock valued at $161,000 after buying an additional 8,250 shares during the last quarter. Crescent Grove Advisors LLC bought a new position in Bit Digital in the third quarter valued at about $35,000. Creative Planning acquired a new stake in Bit Digital in the third quarter worth about $37,000. Stifel Financial Corp bought a new stake in Bit Digital during the 3rd quarter worth about $38,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Bit Digital by 42.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,219 shares of the company’s stock worth $141,000 after purchasing an additional 13,170 shares during the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Price Performance

Shares of BTBT stock opened at $3.12 on Friday. The stock has a market cap of $478.95 million, a PE ratio of 52.00 and a beta of 4.88. The stock has a 50-day moving average of $3.46 and a 200-day moving average of $3.55. Bit Digital, Inc. has a one year low of $1.76 and a one year high of $5.74.

Wall Street Analyst Weigh In

BTBT has been the subject of several analyst reports. B. Riley began coverage on shares of Bit Digital in a research report on Thursday, October 24th. They set a “buy” rating and a $6.00 price target for the company. Craig Hallum assumed coverage on shares of Bit Digital in a report on Tuesday, January 21st. They set a “buy” rating and a $6.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Tuesday, November 19th.

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.