Zacks Research Upgrades Bit Digital (NASDAQ:BTBT) to “Hold”

Bit Digital (NASDAQ:BTBT) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

BTBT has been the topic of a number of other research reports. Northland Securities set a $5.00 target price on Bit Digital in a research 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. Wall Street Zen cut shares of Bit Digital from a “hold” rating to a “sell” rating in a research report on Friday, January 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Bit Digital in a report on Monday, December 29th. One equities 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.com, Bit Digital has a consensus rating of “Hold” and a consensus target price of $6.00.

Bit Digital Stock Performance

Shares of BTBT opened at $1.63 on Tuesday. Bit Digital has a 52-week low of $1.49 and a 52-week high of $4.55. The business’s fifty day moving average is $2.05 and its 200-day moving average is $2.68. The firm has a market cap of $527.58 million, a price-to-earnings ratio of 3.88 and a beta of 3.94.

Insider Buying and Selling

In other Bit Digital news, CFO Erke Huang sold 410,636 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $2.01, for a total value of $825,378.36. Following the sale, the chief financial officer owned 1,175,000 shares in the company, valued at approximately $2,361,750. The trade was a 25.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Bit Digital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vident Advisory LLC increased its position in Bit Digital by 9.7% during the 4th quarter. Vident Advisory LLC now owns 1,229,756 shares of the company’s stock valued at $2,324,000 after purchasing an additional 108,387 shares during the period. Mackenzie Financial Corp increased its position in shares of Bit Digital by 75.4% during the fourth quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock worth $39,000 after buying an additional 8,630 shares during the period. XTX Topco Ltd raised its stake in Bit Digital by 162.9% during the fourth quarter. XTX Topco Ltd now owns 388,886 shares of the company’s stock worth $735,000 after buying an additional 240,950 shares during the last quarter. nVerses Capital LLC acquired a new position in Bit Digital in the fourth quarter valued at $26,000. Finally, Polymer Capital Management US LLC acquired a new position in Bit Digital in the fourth quarter valued at $85,000. 47.70% of the stock is 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.