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

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 on Saturday.

A number of other analysts also recently commented on the company. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Monday, November 17th. Finally, Northland Securities set a $5.00 price target on shares of Bit Digital in a report 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $6.00.

Bit Digital Stock Performance

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

Institutional Inflows and Outflows

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

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.