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

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

A number of other equities research analysts also recently commented on BTBT. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Monday, November 17th. Northland Securities set a $5.00 price objective on Bit Digital in a research report on Monday, November 17th. Zacks Research cut shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, January 19th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.00.

Bit Digital Price Performance

NASDAQ:BTBT opened at $2.11 on Friday. The company’s 50-day moving average is $2.20 and its two-hundred day moving average is $2.86. Bit Digital has a 1-year low of $1.69 and a 1-year high of $4.55. The firm has a market capitalization of $682.95 million, a price-to-earnings ratio of 5.02 and a beta of 3.94.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.05) EPS for the quarter. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. The firm had revenue of $30.46 million for the quarter, compared to analysts’ expectations of $29.54 million. As a group, equities analysts anticipate that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Bit Digital

Several large investors have recently bought and sold shares of BTBT. AQR Capital Management LLC boosted its stake in shares of Bit Digital by 815.3% in the 1st quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock valued at $409,000 after buying an additional 180,509 shares during the period. Millennium Management LLC lifted its stake in Bit Digital by 62.6% in the first quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock worth $4,721,000 after acquiring an additional 899,967 shares during the last quarter. Ballentine Partners LLC lifted its stake in Bit Digital by 103.4% in the second quarter. Ballentine Partners LLC now owns 51,601 shares of the company’s stock worth $113,000 after acquiring an additional 26,230 shares during the last quarter. Plancorp LLC grew its holdings in Bit Digital by 34.8% during the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company’s stock worth $34,000 after acquiring an additional 4,000 shares in the last quarter. Finally, CCG Wealth Management LLC purchased a new stake in shares of Bit Digital in the 2nd quarter valued at approximately $123,000. Hedge funds and other 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.