Bit Digital (NASDAQ:BTBT) Rating Increased to Hold at Wall Street Zen

Key Points

• Bit Digital's rating was upgraded from a "strong sell" to a "hold" by Wall Street Zen, indicating a potential stabilization in the company's outlook.
• CEO Samir Tabar and Director Brock Jeffrey Pierce each made significant stock purchases, acquiring 750,000 and 500,000 shares respectively at an average price of $2.00 per share.
• The company reported negative earnings of ($0.03) per share for the last quarter, with revenue of $25.66 million, falling short of estimates.

Bit Digital (NASDAQ:BTBT - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "strong sell" rating to a "hold" rating in a note issued to investors on Saturday.

Separately, HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of Bit Digital in a research report on Thursday, June 26th.

Bit Digital Trading Down 5.6%

BTBT opened at $3.01 on Friday. Bit Digital has a 1-year low of $1.69 and a 1-year high of $5.74. The company has a market capitalization of $963.08 million, a PE ratio of -9.71 and a beta of 4.90. The firm's 50 day simple moving average is $2.95 and its two-hundred day simple moving average is $2.57.

Bit Digital (NASDAQ:BTBT - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). Bit Digital had a negative net margin of 52.86% and a negative return on equity of 11.39%. The business had revenue of $25.66 million for the quarter, compared to the consensus estimate of $27.46 million. Equities analysts forecast that Bit Digital will post -0.2 earnings per share for the current fiscal year.

Insider Activity at Bit Digital

In other news, CEO Samir Tabar acquired 750,000 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were purchased at an average cost of $2.00 per share, for a total transaction of $1,500,000.00. Following the transaction, the chief executive officer directly owned 2,108,089 shares of the company's stock, valued at approximately $4,216,178. This trade represents a 55.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Brock Jeffrey Pierce acquired 500,000 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were purchased at an average price of $2.00 per share, for a total transaction of $1,000,000.00. Following the completion of the transaction, the director directly owned 500,000 shares in the company, valued at approximately $1,000,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Bit Digital

Several institutional investors and hedge funds have recently modified their holdings of the company. Stifel Financial Corp raised its position in shares of Bit Digital by 31.0% during the 4th quarter. Stifel Financial Corp now owns 14,027 shares of the company's stock valued at $41,000 after purchasing an additional 3,320 shares during the period. Byrne Asset Management LLC raised its position in shares of Bit Digital by 22.5% during the 2nd quarter. Byrne Asset Management LLC now owns 21,492 shares of the company's stock valued at $47,000 after purchasing an additional 3,954 shares during the period. Plancorp LLC raised its position in shares of Bit Digital by 34.8% during the 2nd quarter. Plancorp LLC now owns 15,500 shares of the company's stock valued at $34,000 after purchasing an additional 4,000 shares during the period. Kingsview Wealth Management LLC raised its position in shares of Bit Digital by 17.3% during the 2nd quarter. Kingsview Wealth Management LLC now owns 28,295 shares of the company's stock valued at $62,000 after purchasing an additional 4,175 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Bit Digital by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 183,463 shares of the company's stock valued at $402,000 after purchasing an additional 4,374 shares during the period. 47.70% of the stock is currently owned by institutional investors.

Bit Digital Company Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.

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