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

Wall Street Zen upgraded shares of Bit Digital (NASDAQ:BTBT) from a sell rating to a hold rating in a report published on Saturday morning.

A number of other brokerages have also commented on BTBT. Northland Securities set a $5.00 price target on Bit Digital in a report on Monday, November 17th. Zacks Research upgraded Bit Digital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Bit Digital in a report on Monday, December 29th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Bit Digital in a report on Monday, November 17th. One analyst has rated the stock with a Buy rating and two have issued 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 Trading Down 2.4%

BTBT opened at $1.64 on Friday. The stock has a market capitalization of $530.83 million, a P/E ratio of 3.90 and a beta of 3.94. Bit Digital has a 12 month low of $1.49 and a 12 month high of $4.55. The firm’s fifty day simple moving average is $2.03 and its 200 day simple moving average is $2.66.

Hedge Funds Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. increased its holdings in Bit Digital by 18.0% during the fourth quarter. Invesco Ltd. now owns 10,492,680 shares of the company’s stock worth $19,831,000 after buying an additional 1,604,011 shares during the last quarter. Vident Advisory LLC increased its stake in shares of Bit Digital by 9.7% during the 4th quarter. Vident Advisory LLC now owns 1,229,756 shares of the company’s stock worth $2,324,000 after purchasing an additional 108,387 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Bit Digital by 75.4% in the 4th quarter. Mackenzie Financial Corp now owns 20,073 shares of the company’s stock valued at $39,000 after purchasing an additional 8,630 shares during the period. XTX Topco Ltd lifted its stake in Bit Digital by 162.9% in the 4th quarter. XTX Topco Ltd now owns 388,886 shares of the company’s stock valued at $735,000 after purchasing an additional 240,950 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in Bit Digital in the 4th quarter valued at about $26,000. 47.70% of the stock is owned by institutional investors.

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.