Bit Digital (NASDAQ:BTBT) Upgraded at Zacks Research

Zacks Research upgraded shares of Bit Digital (NASDAQ:BTBT) from a strong sell rating to a hold rating in a report released on Tuesday morning,Zacks.com reports.

BTBT has been the subject of several other research reports. Northland Securities set a $5.00 price objective on Bit Digital in a report on Monday, November 17th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research report on Monday, November 17th. Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research report on Monday, December 29th. Finally, Wall Street Zen cut shares of Bit Digital from a “hold” rating to a “sell” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $6.00.

Bit Digital Price Performance

Shares of NASDAQ:BTBT opened at $1.68 on Tuesday. The stock has a market cap of $543.77 million, a price-to-earnings ratio of 4.00 and a beta of 3.94. Bit Digital has a 12 month low of $1.49 and a 12 month high of $4.55. The stock’s 50 day moving average price is $2.04 and its 200 day moving average price is $2.67.

Institutional Trading of Bit Digital

Several large investors have recently added to or reduced their stakes in the company. Walleye Trading LLC purchased a new position in shares of Bit Digital during the second quarter valued at $25,000. Cerity Partners LLC purchased a new stake in Bit Digital in the 4th quarter worth about $26,000. nVerses Capital LLC acquired a new stake in Bit Digital during the 4th quarter worth about $26,000. Marathon Capital Management purchased a new position in Bit Digital during the 4th quarter valued at about $28,000. Finally, E6 Portfolios LLC purchased a new position in Bit Digital during the 4th quarter valued at about $28,000. 47.70% of the stock is owned by institutional investors and hedge funds.

About Bit Digital

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.