Bit Digital (NASDAQ:BTBT) Stock Rating Upgraded by Wall Street Zen

Bit Digital (NASDAQ:BTBT) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other equities analysts also recently weighed in on the stock. Northland Securities set a $5.00 target price on shares of Bit Digital in a research note on Monday, November 17th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective 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, Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Tuesday. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $6.00.

Bit Digital Stock Performance

Bit Digital stock opened at $1.64 on Friday. Bit Digital has a 52-week low of $1.49 and a 52-week high of $4.55. The firm has a 50 day moving average price of $2.03 and a two-hundred day moving average price of $2.66. The firm has a market cap of $530.82 million, a price-to-earnings ratio of 3.90 and a beta of 3.94.

Hedge Funds Weigh In On Bit Digital

Large investors have recently added to or reduced their stakes in the business. Walleye Trading LLC bought a new stake in Bit Digital during the 2nd quarter worth approximately $25,000. Cerity Partners LLC purchased a new position in shares of Bit Digital during the fourth quarter valued at approximately $26,000. nVerses Capital LLC bought a new stake in Bit Digital during the fourth quarter worth $26,000. Marathon Capital Management purchased a new stake in Bit Digital in the 4th quarter valued at $28,000. Finally, E6 Portfolios LLC purchased a new stake in Bit Digital in the 4th quarter valued at $28,000. Institutional investors own 47.70% of the company’s stock.

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.