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 report released on Saturday morning.

Several other equities analysts have also recently issued reports on BTBT. Northland Securities set a $5.00 price objective on shares of Bit Digital in a research note on Monday, November 17th. HC Wainwright reissued a “buy” rating and set a $7.00 target price 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, Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $6.00.

Bit Digital Stock Up 3.1%

NASDAQ:BTBT opened at $1.67 on Friday. The business’s 50-day moving average price is $1.94 and its 200 day moving average price is $2.55. The firm has a market cap of $540.53 million, a P/E ratio of 3.98 and a beta of 4.00. Bit Digital has a 52-week low of $1.49 and a 52-week high of $4.55.

Institutional Trading of Bit Digital

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Walleye Trading LLC acquired a new stake in shares of Bit Digital during the second quarter valued at approximately $25,000. Cerity Partners LLC acquired a new position in Bit Digital in the 4th quarter worth approximately $26,000. nVerses Capital LLC purchased a new position in Bit Digital during the 4th quarter worth approximately $26,000. Marathon Capital Management purchased a new position in Bit Digital during the 4th quarter worth approximately $28,000. Finally, E6 Portfolios LLC acquired a new stake in Bit Digital during the 4th quarter valued at $28,000. 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.