Bit Digital (NASDAQ:BTBT) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen downgraded shares of Bit Digital (NASDAQ:BTBT) from a hold rating to a sell rating in a research report report published on Friday.

BTBT has been the topic of a number of other research reports. Northland Securities set a $5.00 price objective on shares of Bit Digital in a report on Monday, November 17th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Bit Digital in a report on Monday, November 17th. Zacks Research lowered Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $6.00.

Bit Digital Stock Performance

Shares of Bit Digital stock opened at $2.11 on Friday. The stock has a market capitalization of $682.94 million, a price-to-earnings ratio of 5.02 and a beta of 3.94. Bit Digital has a twelve month low of $1.69 and a twelve month high of $4.55. The business’s 50 day simple moving average is $2.20 and its 200-day simple moving average is $2.86.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.05) EPS for the quarter. Bit Digital had a negative return on equity of 7.11% and a net margin of 127.61%.The company had revenue of $30.46 million for the quarter, compared to the consensus estimate of $29.54 million. Sell-side analysts predict that Bit Digital will post -0.2 earnings per share for the current year.

Insider Activity at Bit Digital

In related news, CFO Erke Huang sold 1,089,364 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $2.18, for a total transaction of $2,374,813.52. Following the transaction, the chief financial officer owned 1,585,636 shares in the company, valued at $3,456,686.48. This trade represents a 40.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of Bit Digital by 815.3% in the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock worth $409,000 after buying an additional 180,509 shares in the last quarter. Millennium Management LLC grew its holdings in Bit Digital by 62.6% during the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after acquiring an additional 899,967 shares during the period. Ballentine Partners LLC raised its position in Bit Digital by 103.4% in the second quarter. Ballentine Partners LLC now owns 51,601 shares of the company’s stock worth $113,000 after acquiring an additional 26,230 shares in the last quarter. Plancorp LLC lifted its holdings in Bit Digital by 34.8% in the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company’s stock valued at $34,000 after acquiring an additional 4,000 shares during the last quarter. Finally, CCG Wealth Management LLC bought a new position in shares of Bit Digital during the 2nd quarter valued at about $123,000. 47.70% of the stock is currently owned by institutional investors and hedge funds.

Bit Digital Company Profile

Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company’s revenue is derived solely from its mining operations and any resulting cryptocurrency holdings.

To support its mining activities, Bit Digital maintains multiple data center facilities across North America.