Bit Digital (NASDAQ:BTBT) Receives “Buy” Rating from HC Wainwright

Bit Digital (NASDAQ:BTBT)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a report issued on Thursday,Benzinga reports. They currently have a $7.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 407.25% from the company’s current price.

A number of other brokerages have also issued reports on BTBT. Weiss Ratings lowered Bit Digital from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday. Wall Street Zen lowered shares of Bit Digital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Finally, Zacks Research upgraded shares of Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Bit Digital currently has an average rating of “Hold” and an average price target of $6.00.

Bit Digital Trading Up 5.3%

Shares of BTBT opened at $1.38 on Thursday. Bit Digital has a fifty-two week low of $1.25 and a fifty-two week high of $4.55. The company has a market capitalization of $450.68 million, a PE ratio of -2.51 and a beta of 4.02. The stock has a fifty day moving average of $1.72 and a two-hundred day moving average of $2.42. The company has a debt-to-equity ratio of 0.13, a quick ratio of 17.53 and a current ratio of 6.39.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings data on Friday, March 27th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The business had revenue of $32.34 million for the quarter, compared to analyst estimates of $31.87 million. Bit Digital had a negative return on equity of 5.39% and a negative net margin of 70.70%. As a group, analysts forecast that Bit Digital will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Bit Digital by 549.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,330,673 shares of the company’s stock worth $21,992,000 after purchasing an additional 6,201,477 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Bit Digital during the 2nd quarter worth approximately $10,385,000. Valiant Capital Management L.P. purchased a new position in Bit Digital in the second quarter valued at approximately $8,760,000. Renaissance Technologies LLC purchased a new position in Bit Digital in the fourth quarter valued at approximately $6,476,000. Finally, State Street Corp lifted its position in Bit Digital by 40.3% during the fourth quarter. State Street Corp now owns 11,518,002 shares of the company’s stock valued at $21,769,000 after buying an additional 3,307,076 shares in the last quarter. Hedge funds and other 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.