Bit Digital (NASDAQ:BTBT) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Bit Digital (NASDAQ:BTBT) from a hold rating to a sell rating in a research report released on Saturday.

Other research analysts have also issued research reports about the company. Northland Securities set a $5.00 price objective on Bit Digital in a report on Monday, November 17th. Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a report on Monday, December 29th. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of 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 assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bit Digital presently has an average rating of “Hold” and a consensus target price of $6.00.

Bit Digital Price Performance

Bit Digital stock opened at $1.62 on Friday. Bit Digital has a one year low of $1.49 and a one year high of $4.55. The company’s fifty day moving average price is $1.95 and its two-hundred day moving average price is $2.56. The company has a market capitalization of $524.35 million, a price-to-earnings ratio of 3.86 and a beta of 4.00.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds have recently bought and sold shares of the company. Kingsview Wealth Management LLC increased its stake in shares of Bit Digital by 17.3% in the second quarter. Kingsview Wealth Management LLC now owns 28,295 shares of the company’s stock worth $62,000 after purchasing an additional 4,175 shares during the period. American Century Companies Inc. boosted its stake in Bit Digital by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock valued at $402,000 after purchasing an additional 4,374 shares during the period. Legal & General Group Plc grew its holdings in Bit Digital by 60.2% in the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock valued at $36,000 after buying an additional 6,206 shares during the last quarter. Ameritas Investment Partners Inc. grew its holdings in Bit Digital by 56.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 18,524 shares of the company’s stock valued at $41,000 after buying an additional 6,702 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in Bit Digital by 75.4% in the 4th quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock worth $39,000 after buying an additional 8,630 shares during the period. 47.70% of the stock is currently 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.