Bit Digital (NASDAQ:BTBT) Upgraded at Zacks Research

Bit Digital (NASDAQ:BTBT) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

BTBT has been the topic of a number of other research reports. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Monday, November 17th. Northland Securities set a $5.00 price objective on Bit Digital in a research note on Monday, November 17th. Wall Street Zen cut Bit Digital from a “hold” rating to a “sell” rating in a report on Friday, January 23rd. Finally, Weiss Ratings restated 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 and two have given a Hold rating to the company. According to data from MarketBeat, Bit Digital presently has an average rating of “Hold” and a consensus target price of $6.00.

Bit Digital Stock Down 4.7%

NASDAQ:BTBT opened at $1.63 on Tuesday. Bit Digital has a twelve month low of $1.49 and a twelve month high of $4.55. The company has a fifty day moving average of $2.05 and a 200-day moving average of $2.68. The firm has a market capitalization of $527.58 million, a P/E ratio of 3.88 and a beta of 3.94.

Insider Activity

In related news, CFO Erke Huang sold 410,636 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $2.01, for a total transaction of $825,378.36. Following the completion of the sale, the chief financial officer owned 1,175,000 shares in the company, valued at approximately $2,361,750. This represents a 25.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BTBT. SG Americas Securities LLC bought a new position in Bit Digital during the third quarter valued at $2,036,000. Geode Capital Management LLC grew its stake in shares of Bit Digital by 24.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company’s stock worth $7,853,000 after acquiring an additional 699,134 shares during the period. Diametric Capital LP purchased a new stake in Bit Digital in the 2nd quarter worth about $1,145,000. Zweig DiMenna Associates LLC bought a new stake in Bit Digital in the 2nd quarter valued at about $1,983,000. Finally, Valiant Capital Management L.P. purchased a new stake in Bit Digital during the second quarter valued at about $8,760,000. 47.70% of the stock is owned by institutional investors.

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.