Vontobel Holding Ltd., a prominent institutional investor, has reduced its stake in Bit Digital, Inc. by 39.2% during the third quarter, according to the company’s recent filing with the SEC. The investor sold 11,530 shares, leaving it with 17,870 shares of Bit Digital’s stock. At the end of the reporting period, Vontobel Holding Ltd.’s holdings in Bit Digital were valued at $63,000.
This move by Vontobel Holding Ltd. follows several other significant transactions involving Bit Digital’s shares. Van ECK Associates Corp, for instance, increased its position in the company by 133.9% during the first quarter, now owning 5,000,337 shares worth $14,351,000. Bleakley Financial Group LLC also acquired a new position in Bit Digital during the same period, amounting to approximately $33,000.
Additionally, Squarepoint Ops LLC purchased Bit Digital shares worth around $2,126,000 in the second quarter, while Millennium Management LLC increased its holdings by 66.6%, owning 2,586,392 shares valued at $8,225,000. Mirae Asset Global Investments Co. Ltd. also raised its stake in Bit Digital by 9.5% during the first quarter, now holding 1,910,596 shares worth $5,483,000.
Bit Digital, Inc. is involved in bitcoin mining, treasury management activities, digital asset staking and mining businesses, as well as ethereum staking activities. The company also provides specialized cloud-infrastructure services for artificial intelligence applications.
Bit Digital’s stock opened at $3.87 on Thursday, with a 50-day moving average price of $3.26 and a 200-day moving average price of $2.97. The company has a market cap of $319.21 million, a PE ratio of 12.90, and a beta of 4.79.
In a recent research note, HC Wainwright increased its target price for Bit Digital from $6.00 to $7.00 and gave the company a “buy” rating.