Bit Digital (NASDAQ:BTBT) Cut to “Strong Sell” at Zacks Research

Bit Digital (NASDAQ:BTBT) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Monday, November 17th. Northland Securities set a $5.00 price objective on shares of Bit Digital in a research note on Monday, November 17th. Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research report on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Bit Digital from a “sell” rating to a “hold” rating in a research note on Saturday, December 27th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.00.

Bit Digital Stock Performance

Shares of NASDAQ:BTBT opened at $2.23 on Monday. Bit Digital has a one year low of $1.69 and a one year high of $4.55. The stock has a market capitalization of $721.78 million, a price-to-earnings ratio of 5.31 and a beta of 3.94. The company has a 50-day simple moving average of $2.23 and a 200-day simple moving average of $2.88.

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

Insider Transactions at Bit Digital

In other Bit Digital 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 completion of the transaction, the chief financial officer owned 1,585,636 shares in the company, valued at approximately $3,456,686.48. This represents a 40.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently made changes to their positions in BTBT. AQR Capital Management LLC lifted its stake 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 purchasing an additional 180,509 shares during the period. Millennium Management LLC lifted its position in shares of 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 during the period. Ballentine Partners LLC boosted its stake in shares of Bit Digital by 103.4% during the 2nd quarter. Ballentine Partners LLC now owns 51,601 shares of the company’s stock worth $113,000 after acquiring an additional 26,230 shares in the last quarter. Plancorp LLC boosted its stake in shares of 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 acquiring an additional 4,000 shares in the last quarter. Finally, CCG Wealth Management LLC acquired a new stake in shares of Bit Digital in the 2nd quarter worth approximately $123,000. 47.70% of the stock is owned by institutional investors and hedge funds.

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.