Invesco Capital Management LLC recently announced the acquisition of new stake in Bit Digital Inc (NASDAQ:BTBT). The institutional investor has increased its shareholding in the Financial company by 2,530.80% to 4.56 million shares with purchase of 4.39 million shares. This fresh investment now brings its stake to 5.37% valued currently at $11.77 million. In addition, SSgA Funds Management, Inc. raised its holdings by 69110.0 to 3.71 million shares. And Van Eck Associates Corp. has lifted its position by 70.24% or 0.84 million shares – to 2.04 million shares.
With over 24.81 million Bit Digital Inc (BTBT) shares trading Friday and a closing price of $4.23 on the day, the dollar volume was approximately $104.95 million. The shares have shown a positive half year performance of 4.19% and its price on 12/29/23 lost nearly -16.90%. Currently, there are 85.03M common shares owned by the public and among those 84.62M shares have been available to trade.
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The top 3 mutual fund holders in Bit Digital Inc are Invesco Mkts. II Plc – CoinShares, SPDR S&P Kensho New Economies Com, and iShares Russell 2000 ETF. Invesco Mkts. II Plc – CoinShares owns 6.02 million shares of the company’s stock, all valued at over $15.54 million. iShares Russell 2000 ETF bought 912.0 shares to bring its total holdings to over 1.85 million shares at a value of $4.78 million. iShares Russell 2000 ETF now owns shares totaling to 2.18% of the shares outstanding.
Shares of Bit Digital Inc (NASDAQ: BTBT) opened at $5.20, up $0.11 from a prior closing price of $5.09. However, the script later moved the day high at 5.2700, down -16.90%. The company’s stock has a 5-day price change of 22.25% and 97.66% over the past three months. BTBT shares are trading 605.00% year to date (YTD), with the 12-month market performance up to 683.77% higher. It has a 12-month low price of $0.53 and touched a high of $5.20 over the same period. BTBT has an average intraday trading volume of 5.97 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 22.33%, 56.74%, and 57.79% respectively.
Institutional ownership of Bit Digital Inc (NASDAQ: BTBT) shares accounts for 31.46% of the company’s 85.03M shares outstanding. Mutual fund holders own 25.80%, while other institutional holders and individual stakeholders account for 7.20% and — respectively.
It has a market capitalization of $359.68M. The earnings-per-share (ttm) stands at -$0.99. Price movements for the stock have been influenced by the stock’s volatility, which stands at 18.23% over the week and 11.46% over the month.
Analysts forecast that Bit Digital Inc (BTBT) will achieve an EPS of -$0.05 for the current quarter, $0.04 for the next quarter and -$0.05 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.08 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was -$0.16 a year ago. Earnings per share for the fiscal year are expected to increase by 86.07%, and 71.43% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Bit Digital Inc (BTBT) as a “Strong Buy” at a consensus score of 1.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BTBT, a number of firms have released research notes about the stock. H.C. Wainwright stated their Buy rating for the stock in a research note on September 23, 2021, with the firm’s price target at $14.
