Grayscale Bitcoin Trust (GBTC) Stock Price Gains 3.6% on Friday

Grayscale Bitcoin Trust (NYSEARCA:GBTC – Get Free Report)’s share price was up 3.6% during trading on Friday.

Grayscale Bitcoin Trust (NYSE:GBTC) shares rose 3.6% in Friday’s premarket trading after closing 3.6% lower in the previous session at $56.40. The stock, which had a prior 52-week high of $63.04 and a 52-week low of $36.01, hit a high of $58.54 in the session.

The stock last traded at $58.45, with around 1,631,957 shares changing hands during the session, a decline of 86% from the average daily volume of 11,944,479 shares.

The company has a market capitalization of $30.48 billion, a PE ratio of 2.29 and a beta of 1.25.

Grayscale Bitcoin Trust (NYSE:GBTC) recently received a Sell rating from Zacks Investment Research, with a price target of $40. The stock, which closed Friday’s session at $56.40, has a 50 day moving average price of $57.54 and a 200 day moving average price of $53.06.

Several hedge funds, SJS Investment Consulting Inc., Dixon Mitchell Investment Counsel Inc., Toth Financial Advisory Corp, YHB Investment Advisors Inc. and Hollencrest Capital Management, made changes to their positions in the business during the recent quarter.

SJS Investment Consulting Inc. raised its position in shares of Grayscale Bitcoin Trust by 1.1% during the 2nd quarter. SJS Investment Consulting Inc. now owns 27,453 shares of the company’s stock valued at $1,462,000 after acquiring an additional 300 shares in the last quarter.

Among institutional investors, Renaissance Technologies, Citadel Investment Group, Geode Capital Management and Point72 Asset Management, increased their positions in the company during the recent quarter.

Renaissance Technologies, Citadel Investment Group, Geode Capital Management and Point72 Asset Management, among institutional investors, sold some of their positions in the company during the recent quarter.

Grayscale Bitcoin Trust, established in January 2024, is an exchange-traded fund that primarily invests in long btc, short usd currency. The fund is passively managed, offering exposure to the daily USD spot price of bitcoin (BTC). An investment in the fund is not a direct investment in bitcoin. Grayscale, the fund’s issuer, offers a broad range of services, including cryptocurrency asset management, aggregation and analysis of market data, and creation of indices.

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