BTC Digital (NASDAQ:BTCT) Downgraded by Wall Street Zen to “Sell”

BTC Digital (NASDAQ:BTCT) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Friday.

BTC Digital Price Performance

Shares of BTCT opened at $2.68 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 27.50 and a quick ratio of 27.49. BTC Digital has a 12 month low of $1.32 and a 12 month high of $26.58. The stock’s 50 day moving average is $3.02 and its two-hundred day moving average is $3.71.

Hedge Funds Weigh In On BTC Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in shares of BTC Digital in the fourth quarter valued at approximately $975,000. SBI Securities Co. Ltd. lifted its position in shares of BTC Digital by 102.7% in the second quarter. SBI Securities Co. Ltd. now owns 28,378 shares of the company’s stock valued at $89,000 after acquiring an additional 14,378 shares in the last quarter. Invesco Ltd. purchased a new position in shares of BTC Digital in the fourth quarter valued at approximately $113,000. Finally, Two Sigma Investments LP purchased a new position in shares of BTC Digital in the fourth quarter valued at approximately $59,000. Hedge funds and other institutional investors own 7.32% of the company’s stock.

BTC Digital Company Profile

BTC Digital Ltd. a crypto asset technology company engages in bitcoin mining business. It is also involved in mining machines resale and rental business. The company was formerly known as Meten Holding Group Ltd. and changed its name to BTC Digital Ltd. in August 2023. The company was founded in 2006 and is headquartered in Shenzhen, China.