Bit Digital (NASDAQ:BTBT) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Bit Digital (NASDAQ:BTBT) from a hold rating to a sell rating in a research note published on Friday morning.

Several other brokerages also recently weighed in on BTBT. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Bit Digital in a research note on Monday, November 17th. Northland Securities set a $5.00 price target on shares of Bit Digital in a report on Monday, November 17th. Zacks Research lowered shares of Bit Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, January 19th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Bit Digital in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $6.00.

Bit Digital Stock Performance

BTBT stock opened at $2.11 on Friday. The stock’s 50 day moving average price is $2.20 and its 200 day moving average price is $2.85. The firm has a market cap of $682.94 million, a P/E ratio of 5.02 and a beta of 3.94. Bit Digital has a 1 year low of $1.69 and a 1 year high of $4.55.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results 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 company had revenue of $30.46 million for the quarter, compared to analysts’ expectations of $29.54 million. On average, research analysts predict that Bit Digital will post -0.2 earnings per share for the current year.

Insider Buying and Selling at Bit Digital

In other news, CFO Erke Huang sold 1,089,364 shares of the stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $2.18, for a total transaction of $2,374,813.52. Following the transaction, the chief financial officer directly owned 1,585,636 shares in the company, valued at $3,456,686.48. This represents a 40.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bit Digital

Several institutional investors and hedge funds have recently bought and sold shares of BTBT. Allspring Global Investments Holdings LLC acquired a new position in Bit Digital during the 2nd quarter worth approximately $7,512,000. SG Americas Securities LLC acquired a new stake in Bit Digital in the third quarter valued at approximately $2,036,000. Geode Capital Management LLC raised its stake in shares of Bit Digital by 24.2% during the second quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company’s stock valued at $7,853,000 after purchasing an additional 699,134 shares during the period. Diametric Capital LP acquired a new position in shares of Bit Digital during the second quarter worth $1,145,000. Finally, Zweig DiMenna Associates LLC acquired a new position in shares of Bit Digital during the second quarter worth $1,983,000. Institutional investors and hedge funds 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.