Bit Digital (NASDAQ:BTBT) Trading 6.8% Higher After Analyst Upgrade

Bit Digital, Inc. (NASDAQ:BTBT)’s stock price was up 6.8% during trading on Monday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $1.50 and last traded at $1.4950. Approximately 2,397,020 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 25,151,051 shares. The stock had previously closed at $1.40.

A number of other equities analysts also recently weighed in on the stock. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Thursday, April 2nd. Craig Hallum reaffirmed a “buy” rating and set a $3.50 price target on shares of Bit Digital in a research report on Tuesday, July 14th. B. Riley Financial reiterated a “buy” rating on shares of Bit Digital in a report on Monday, May 18th. Finally, Weiss Ratings lowered Bit Digital from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 18th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $5.12.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Walleye Trading LLC bought a new stake in Bit Digital in the second quarter valued at $25,000. Mackenzie Financial Corp bought a new position in shares of Bit Digital during the 3rd quarter worth about $34,000. WINTON GROUP Ltd bought a new position in shares of Bit Digital during the 3rd quarter worth about $35,000. Swiss Life Asset Management Ltd acquired a new stake in shares of Bit Digital in the 3rd quarter valued at about $36,000. Finally, Cerity Partners LLC acquired a new stake in shares of Bit Digital in the 4th quarter valued at about $26,000. 47.70% of the stock is owned by institutional investors.

Bit Digital Price Performance

The firm has a market capitalization of $551.72 million, a P/E ratio of -2.32 and a beta of 4.02. The business has a 50-day moving average of $1.84 and a 200 day moving average of $1.79. The company has a current ratio of 6.36, a quick ratio of 6.36 and a debt-to-equity ratio of 0.56.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.41). Bit Digital had a negative return on equity of 8.44% and a negative net margin of 145.39%.The firm had revenue of $27.92 million during the quarter, compared to the consensus estimate of $25.73 million. On average, sell-side analysts predict that Bit Digital, Inc. will post -0.55 earnings per share for the current fiscal year.

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.