Bit Digital (NASDAQ:BTBT) Stock Price Up 6.8% on Analyst Upgrade

Bit Digital, Inc. (NASDAQ:BTBT)’s share price rose 6.8% during trading on Monday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $1.50 and last traded at $1.4950. 2,397,020 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 25,151,051 shares. The stock had previously closed at $1.40.

A number of other research analysts have also recently weighed in on the stock. Weiss Ratings cut shares of Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 18th. Craig Hallum reaffirmed a “buy” rating and issued a $3.50 price target on shares of Bit Digital in a report on Tuesday, July 14th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a research report on Monday, May 18th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Thursday, April 2nd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $5.12.

Institutional Investors Weigh In On Bit Digital

A number of large investors have recently modified their holdings of the business. AQR Capital Management LLC raised its position in shares of Bit Digital by 815.3% in the first quarter. AQR Capital Management LLC now owns 202,648 shares of the company’s stock valued at $409,000 after buying an additional 180,509 shares during the last quarter. Millennium Management LLC grew its stake in Bit Digital by 62.6% during the 1st quarter. Millennium Management LLC now owns 2,337,217 shares of the company’s stock valued at $4,721,000 after acquiring an additional 899,967 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Bit Digital by 304.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 290,764 shares of the company’s stock valued at $637,000 after acquiring an additional 218,789 shares in the last quarter. Legal & General Group Plc raised 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 acquiring an additional 6,206 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in Bit Digital by 62.4% in the 2nd quarter. Rhumbline Advisers now owns 258,938 shares of the company’s stock worth $567,000 after purchasing an additional 99,490 shares in the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Price Performance

The firm has a market capitalization of $551.72 million, a PE ratio of -2.32 and a beta of 4.02. The stock’s 50 day simple moving average is $1.84 and its two-hundred day simple moving average is $1.79. The company has a debt-to-equity ratio of 0.56, a quick ratio of 6.36 and a current ratio of 6.36.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.41). Bit Digital had a negative net margin of 145.39% and a negative return on equity of 8.44%. The company had revenue of $27.92 million during the quarter, compared to analyst estimates of $25.73 million. On average, sell-side analysts forecast that Bit Digital, Inc. will post -0.55 EPS for the current year.

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.