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

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

Several other equities analysts have also commented on the stock. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research report on Monday, December 29th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research report on Monday, November 17th. Finally, Northland Securities set a $5.00 price objective on Bit Digital in a research note on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.00.

Bit Digital Stock Performance

Shares of NASDAQ:BTBT remained flat at $2.11 during midday trading on Friday. The company had a trading volume of 24,331,193 shares, compared to its average volume of 29,900,250. The stock has a fifty day moving average price of $2.20 and a 200 day moving average price of $2.86. The company has a market capitalization of $682.94 million, a PE ratio of 5.02 and a beta of 3.94. Bit Digital has a 1 year low of $1.69 and a 1 year high of $4.55.

Bit Digital (NASDAQ:BTBT) last posted its earnings results on Friday, November 14th. The company reported ($0.05) EPS for the quarter. The company had revenue of $30.46 million during the quarter, compared to analyst estimates of $29.54 million. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. On average, analysts expect that Bit Digital will post -0.2 EPS for the current year.

Insider Transactions at Bit Digital

In other Bit Digital news, CFO Erke Huang sold 410,636 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were 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 owned 1,175,000 shares of the company’s stock, valued at $2,361,750. This trade represents a 25.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Bit Digital

A number of large investors have recently modified their holdings of the stock. Sheets Smith Wealth Management acquired a new stake in shares of Bit Digital in the third quarter valued at $30,000. Hamilton Wealth LLC purchased a new stake in Bit Digital during the 3rd quarter worth about $30,000. LCM Capital Management Inc purchased a new stake in Bit Digital during the 3rd quarter worth about $33,000. Rafferty Asset Management LLC acquired a new stake in Bit Digital in the 3rd quarter valued at about $33,000. Finally, Walleye Trading LLC purchased a new position in shares of Bit Digital in the 2nd quarter valued at about $25,000. Hedge funds and other 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.