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 report sent to investors on Saturday.

BTBT has been the subject of a number of other reports. Northland Securities set a $5.00 price target on Bit Digital in a report on Monday, November 17th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a report on Monday, November 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 22nd. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $6.00.

Bit Digital Stock Down 2.0%

Shares of BTBT stock opened at $2.01 on Friday. The company has a market capitalization of $650.58 million, a P/E ratio of 4.79 and a beta of 4.29. Bit Digital has a 12-month low of $1.69 and a 12-month high of $4.55. The firm has a 50-day moving average price of $2.65 and a 200 day moving average price of $2.91.

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

Insiders Place Their Bets

In other news, CFO Erke Huang sold 1,089,364 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $2.18, for a total value of $2,374,813.52. Following the transaction, the chief financial officer owned 1,585,636 shares of the company’s stock, valued at $3,456,686.48. This represents a 40.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bit Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Byrne Asset Management LLC boosted its position in shares of Bit Digital by 22.5% during the second quarter. Byrne Asset Management LLC now owns 21,492 shares of the company’s stock worth $47,000 after purchasing an additional 3,954 shares in the last quarter. Plancorp LLC raised its stake in Bit Digital by 34.8% during the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company’s stock worth $34,000 after buying an additional 4,000 shares during the period. Kingsview Wealth Management LLC raised its stake in Bit Digital by 17.3% during the 2nd quarter. Kingsview Wealth Management LLC now owns 28,295 shares of the company’s stock worth $62,000 after buying an additional 4,175 shares during the period. American Century Companies Inc. lifted its holdings in Bit Digital by 2.4% during the second quarter. American Century Companies Inc. now owns 183,463 shares of the company’s stock worth $402,000 after acquiring an additional 4,374 shares in the last quarter. Finally, Ethic Inc. grew its stake in Bit Digital by 31.8% in the second quarter. Ethic Inc. now owns 19,644 shares of the company’s stock valued at $39,000 after acquiring an additional 4,739 shares during the period. 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.