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

Bit Digital (NASDAQ:BTBT) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

A number of other research firms have also issued reports on BTBT. Northland Securities set a $5.00 price objective on Bit Digital in a research report on Monday, November 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. 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. Finally, Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Bit Digital currently has an average rating of “Hold” and a consensus price target of $6.00.

Bit Digital Price Performance

NASDAQ:BTBT opened at $1.62 on Friday. Bit Digital has a 12 month low of $1.49 and a 12 month high of $4.55. The firm has a market capitalization of $524.35 million, a PE ratio of 3.86 and a beta of 4.00. The business’s 50-day moving average is $1.95 and its two-hundred day moving average is $2.56.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors have recently modified their holdings of BTBT. SG Americas Securities LLC bought a new stake in shares of Bit Digital during the third quarter valued at approximately $2,036,000. Geode Capital Management LLC raised its stake in shares of Bit Digital by 24.2% in the 2nd quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company’s stock valued at $7,853,000 after buying an additional 699,134 shares in the last quarter. Diametric Capital LP bought a new position in shares of Bit Digital during the 2nd quarter worth about $1,145,000. Valiant Capital Management L.P. acquired a new stake in shares of Bit Digital during the 2nd quarter valued at about $8,760,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Bit Digital by 527.1% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 386,984 shares of the company’s stock valued at $847,000 after acquiring an additional 325,273 shares during the period. 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.