Bit Digital (NASDAQ:BTBT) Lowered to Sell Rating 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 note issued on Saturday.

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

Bit Digital Trading Down 5.8%

NASDAQ BTBT opened at $1.62 on Friday. Bit Digital has a 1-year low of $1.49 and a 1-year high of $4.55. The company has a 50 day moving average of $1.95 and a 200-day moving average of $2.56. The firm has a market cap of $524.35 million, a price-to-earnings ratio of 3.86 and a beta of 4.00.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently bought and sold shares of the business. Walleye Trading LLC acquired a new position in Bit Digital in the 2nd quarter valued at $25,000. Cerity Partners LLC bought a new position in shares of Bit Digital in the 4th quarter valued at $26,000. nVerses Capital LLC acquired a new stake in Bit Digital in the fourth quarter valued at about $26,000. Marathon Capital Management acquired a new stake in Bit Digital in the fourth quarter valued at about $28,000. Finally, E6 Portfolios LLC bought a new position in Bit Digital in the fourth quarter valued at about $28,000. 47.70% of the stock is owned by institutional investors.

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.