Bit Digital (NASDAQ:BTBT) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Bit Digital (NASDAQ:BTBT) from a strong sell rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

BTBT has been the subject of a number of other reports. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Bit Digital in a report on Monday, December 29th. Northland Securities set a $5.00 price objective on shares of Bit Digital in a research report on Monday, November 17th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $6.00.

Bit Digital Stock Performance

Shares of BTBT stock opened at $1.63 on Tuesday. Bit Digital has a 52-week low of $1.49 and a 52-week high of $4.55. The stock has a market cap of $527.58 million, a price-to-earnings ratio of 3.88 and a beta of 3.94. The firm’s 50-day moving average is $2.05 and its 200-day moving average is $2.68.

Insider Activity at Bit Digital

In related news, CFO Erke Huang sold 410,636 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $2.01, for a total transaction of $825,378.36. Following the transaction, the chief financial officer directly owned 1,175,000 shares of the company’s stock, valued at approximately $2,361,750. This trade represents a 25.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BTBT. Vanguard Group Inc. boosted its stake in shares of Bit Digital by 549.2% in the third quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock valued at $21,992,000 after buying an additional 6,201,477 shares during the period. Balyasny Asset Management L.P. bought a new stake in shares of Bit Digital during the 2nd quarter valued at $10,385,000. Valiant Capital Management L.P. bought a new stake in shares of Bit Digital during the 2nd quarter valued at $8,760,000. Renaissance Technologies LLC acquired a new stake in shares of Bit Digital during the 4th quarter worth $6,476,000. Finally, State Street Corp increased its position in shares of Bit Digital by 40.3% in the fourth quarter. State Street Corp now owns 11,518,002 shares of the company’s stock worth $21,769,000 after purchasing an additional 3,307,076 shares during the period. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.