Bit Digital (NASDAQ:BTBT) Receives "Sell (D)" Rating from Weiss Ratings

Key Points

• Bit Digital has received a "Sell (D)" rating from Weiss Ratings, while Wall Street Zen upgraded the stock from "strong sell" to "hold."
• The stock rose by 8% to $4.04 during midday trading, with a current market cap of $1.30 billion.
• Bit Digital reported a revenue of $25.66 million for the last quarter, below the analyst estimates of $27.46 million, while earnings per share met expectations at -$0.03.

Bit Digital (NASDAQ:BTBT - Get Free Report)'s stock had its "sell (d)" rating reissued by research analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

A number of other equities analysts have also commented on BTBT. Wall Street Zen raised shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. HC Wainwright restated a "buy" rating and issued a $7.00 price target on shares of Bit Digital in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $6.33.

Bit Digital Stock Up 8.0%

Bit Digital stock traded up $0.30 during midday trading on Wednesday, hitting $4.04. 40,411,779 shares of the stock were exchanged, compared to its average volume of 24,975,863. The company has a fifty day simple moving average of $2.97 and a two-hundred day simple moving average of $2.63. Bit Digital has a 52 week low of $1.69 and a 52 week high of $5.74. The stock has a market capitalization of $1.30 billion, a PE ratio of -13.03 and a beta of 4.77.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.03). The firm had revenue of $25.66 million for the quarter, compared to analyst estimates of $27.46 million. Bit Digital had a negative net margin of 52.86% and a negative return on equity of 9.90%. As a group, equities research analysts anticipate that Bit Digital will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

Several institutional investors have recently added to or reduced their stakes in BTBT. Byrne Asset Management LLC increased its position in shares of Bit Digital by 22.5% during the second quarter. Byrne Asset Management LLC now owns 21,492 shares of the company's stock valued at $47,000 after buying an additional 3,954 shares during the period. Plancorp LLC grew its position in Bit Digital by 34.8% during the second quarter. Plancorp LLC now owns 15,500 shares of the company's stock valued at $34,000 after acquiring an additional 4,000 shares during the last quarter. Kingsview Wealth Management LLC boosted its stake in shares of Bit Digital by 17.3% during the second 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. American Century Companies Inc. boosted its stake in shares of Bit Digital by 2.4% during the second 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. Finally, Ethic Inc. boosted its stake in shares of Bit Digital by 31.8% during the second quarter. Ethic Inc. now owns 19,644 shares of the company's stock valued at $39,000 after purchasing an additional 4,739 shares during the period. 47.70% of the stock is owned by hedge funds and other institutional investors.

About Bit Digital

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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