Bit Digital (NASDAQ:BTBT) Raised to “Hold” at 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 report issued to clients and investors on Saturday.

Several other research analysts have also recently issued reports on BTBT. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. Zacks Research raised shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Northland Securities set a $5.00 target price on shares of Bit Digital in a research report on Monday, November 17th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $6.00.

Bit Digital Trading Down 2.4%

Shares of NASDAQ BTBT opened at $1.64 on Friday. Bit Digital has a 12-month low of $1.49 and a 12-month high of $4.55. The company has a market cap of $530.82 million, a PE ratio of 3.90 and a beta of 3.93. The stock has a 50 day simple moving average of $2.03 and a 200-day simple moving average of $2.65.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Walleye Trading LLC bought a new position in shares of Bit Digital during the 2nd quarter valued at about $25,000. Cerity Partners LLC acquired a new stake in 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 approximately $26,000. Marathon Capital Management bought a new stake in Bit Digital during the fourth quarter worth approximately $28,000. Finally, E6 Portfolios LLC acquired a new position in Bit Digital in the fourth quarter worth approximately $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.