Bit Digital (NASDAQ:BTBT) Stock Rating Upgraded by Wall Street Zen

Bit Digital (NASDAQ:BTBT) was upgraded by stock analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other equities analysts also recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bit Digital in a research note on Wednesday. JonesTrading raised shares of Bit Digital to a “strong-buy” rating in a research note on Saturday, September 26th. HC Wainwright lowered their target price on Bit Digital from $4.00 to $3.50 and set a “buy” rating for the company in a report on Thursday. Zacks Research raised Bit Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. Finally, UBS Group raised Bit Digital to a “buy” rating in a research report on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $4.25.

Bit Digital Stock Performance

Shares of NASDAQ:BTBT opened at $0.66 on Friday. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.69. Bit Digital has a 12 month low of $0.66 and a 12 month high of $2.55. The company has a market capitalization of $238.70 million, a price-to-earnings ratio of -0.46 and a beta of 3.54. The firm’s 50-day moving average is $1.25 and its 200 day moving average is $1.56.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Thursday, November 12th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.11. The business had revenue of $27.07 million during the quarter, compared to analyst estimates of $32.21 million. Bit Digital had a negative return on equity of 6.90% and a negative net margin of 346.39%. Research analysts predict that Bit Digital will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Bit Digital

Several large investors have recently modified their holdings of BTBT. Allspring Global Investments Holdings LLC lifted its stake in Bit Digital by 10.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,825,810 shares of the company’s stock valued at $14,298,000 after buying an additional 838,265 shares during the period. Renaissance Technologies LLC grew its position in Bit Digital by 114.8% in the 1st quarter. Renaissance Technologies LLC now owns 7,359,377 shares of the company’s stock valued at $9,641,000 after purchasing an additional 3,932,900 shares during the period. Tidal Investments LLC increased its stake in Bit Digital by 186.8% during the 2nd quarter. Tidal Investments LLC now owns 1,758,186 shares of the company’s stock valued at $3,165,000 after purchasing an additional 1,145,092 shares in the last quarter. Lazard Asset Management LLC increased its stake in Bit Digital by 30.6% during the 1st quarter. Lazard Asset Management LLC now owns 1,780,543 shares of the company’s stock valued at $2,333,000 after purchasing an additional 417,501 shares in the last quarter. Finally, Compass Financial Management LLC acquired a new position in Bit Digital during the third quarter worth $1,632,000. Institutional investors own 47.70% of the company’s stock.

Key Bit Digital News

Investors following BTBT have been watching these news items:

• Positive Sentiment: HC Wainwright maintained its Buy rating, while lowering its price target from $4.00 to $3.50. Article: Bit Digital Price Target Cut
• Positive Sentiment: Bit Digital reported Q3 earnings of $0.06 per share, beating the consensus estimate of a $0.05 loss. It also swung to $28.5 million in net income, though asset gains contributed to the profit. Article: Bit Digital Q3 Profit
• Positive Sentiment: The company highlighted an $865 million, 10-year NC-1 contract and said 40 megawatts had begun billing, supporting its AI/HPC infrastructure expansion. Article: Bit Digital Contract and Billing Update

Bit Digital Company Profile

Bit Digital, Inc. is a digital-asset and infrastructure company whose activities include Bitcoin mining, Ethereum staking and computing services for artificial intelligence workloads. Its operations have expanded beyond cryptocurrency mining as it develops data-center capacity and related infrastructure for high-performance computing. The company has conducted Bitcoin mining operations in North America and participates in Ethereum staking, which involves supporting the network and earning rewards for validating transactions.