Bit Digital (NASDAQ:BTBT) Downgraded by Wall Street Zen to “Sell”

Bit Digital (NASDAQ:BTBT) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Friday.

Several other research firms have also recently issued reports on BTBT. Zacks Research cut Bit Digital from a “hold” rating to a “strong sell” rating in a report on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Bit Digital in a research report on Monday, December 29th. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research report on Monday, November 17th. Finally, Northland Securities set a $5.00 price objective on Bit Digital in a research note on Monday, November 17th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.00.

Bit Digital Stock Performance

NASDAQ:BTBT remained flat at $2.11 during trading hours on Friday. 24,331,193 shares of the company’s stock were exchanged, compared to its average volume of 29,900,250. The stock has a fifty day moving average of $2.20 and a 200-day moving average of $2.86. The firm has a market cap of $682.94 million, a price-to-earnings ratio of 5.02 and a beta of 3.94. Bit Digital has a 52 week low of $1.69 and a 52 week high of $4.55.

Bit Digital (NASDAQ:BTBT) last announced its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter. The company had revenue of $30.46 million during the quarter, compared to analyst estimates of $29.54 million. Bit Digital had a net margin of 127.61% and a negative return on equity of 7.11%. As a group, research analysts anticipate that Bit Digital will post -0.2 EPS for the current fiscal year.

Insider Transactions at Bit Digital

In other Bit Digital news, CFO Erke Huang sold 410,636 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $2.01, for a total value of $825,378.36. Following the completion of the sale, the chief financial officer directly owned 1,175,000 shares of the company’s stock, valued at $2,361,750. This trade represents a 25.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bit Digital

Hedge funds have recently modified their holdings of the company. Walleye Trading LLC acquired a new stake in Bit Digital during the second quarter worth about $25,000. Sheets Smith Wealth Management purchased a new stake in shares of Bit Digital in the 3rd quarter valued at approximately $30,000. Hamilton Wealth LLC acquired a new stake in shares of Bit Digital during the 3rd quarter worth approximately $30,000. LCM Capital Management Inc purchased a new stake in shares of Bit Digital during the 3rd quarter valued at approximately $33,000. Finally, Rafferty Asset Management LLC purchased a new stake in shares of Bit Digital during the 3rd quarter valued at approximately $33,000. Hedge funds and other institutional investors 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.