Bit Digital (NASDAQ:BTBT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Bit Digital (NASDAQ:BTBT) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.

A number of other equities research analysts also recently weighed in on the company. Weiss Ratings reaffirmed 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 research report on Tuesday, February 17th. Northland Securities set a $5.00 price objective on Bit Digital in a research note on Monday, November 17th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research report on Monday, November 17th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Bit Digital currently has a consensus rating of “Hold” and a consensus target price of $6.00.

Bit Digital Trading Up 1.2%

Shares of Bit Digital stock opened at $1.66 on Friday. The company has a market cap of $537.29 million, a PE ratio of 3.95 and a beta of 3.93. The company has a 50 day moving average of $2.02 and a 200-day moving average of $2.64. Bit Digital has a 1-year low of $1.49 and a 1-year high of $4.55.

Hedge Funds Weigh In On Bit Digital

Several large investors have recently bought and sold shares of the company. Kingsview Wealth Management LLC boosted its stake in shares of Bit Digital by 17.3% during the second quarter. Kingsview Wealth Management LLC now owns 28,295 shares of the company’s stock valued at $62,000 after purchasing an additional 4,175 shares in the last quarter. American Century Companies Inc. raised its holdings in Bit Digital by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock valued at $402,000 after buying an additional 4,374 shares during the last quarter. Ethic Inc. boosted its position in Bit Digital by 31.8% during the 2nd quarter. Ethic Inc. now owns 19,644 shares of the company’s stock worth $39,000 after buying an additional 4,739 shares during the period. Legal & General Group Plc grew its holdings in Bit Digital by 60.2% during the 2nd quarter. Legal & General Group Plc now owns 16,508 shares of the company’s stock worth $36,000 after acquiring an additional 6,206 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its holdings in Bit Digital by 56.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 18,524 shares of the company’s stock worth $41,000 after acquiring an additional 6,702 shares during the last quarter. 47.70% of the stock is currently owned by institutional investors.

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.