Bit Digital's (BTBT) "Sell (D)" Rating Reaffirmed at Weiss Ratings

Key Points

• Bit Digital (BTBT) received a "sell (d)" rating reaffirmation from Weiss Ratings, indicating continued negative outlook from analysts.
• The stock’s average price target is currently at $6.50, with a consensus rating of "Hold" based on various analyst opinions.
• Bit Digital reported a revenue of $25.66 million for the last quarter, which fell short of analyst estimates of $27.46 million and continues to experience significant net margins.

Bit Digital (NASDAQ:BTBT - Get Free Report)'s stock had its "sell (d)" rating reaffirmed by Weiss Ratings in a note issued to investors on Friday,Weiss Ratings reports.

A number of other equities analysts have also issued reports on the stock. Wall Street Zen upgraded shares of Bit Digital from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. HC Wainwright reiterated a "buy" rating and issued a $7.00 target price on shares of Bit Digital in a research report on Monday, August 18th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Bit Digital presently has a consensus rating of "Hold" and an average price target of $6.50.

Bit Digital Stock Performance

Shares of Bit Digital stock traded up $0.19 during trading on Friday, hitting $3.91. 36,052,682 shares of the stock were exchanged, compared to its average volume of 26,467,727. The stock's fifty day moving average is $3.17 and its 200 day moving average is $2.77. The stock has a market cap of $1.26 billion, a PE ratio of -12.61 and a beta of 4.77. Bit Digital has a 12 month low of $1.69 and a 12 month high of $5.74.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.03). The firm had revenue of $25.66 million during 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%. Sell-side analysts anticipate that Bit Digital will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Balyasny Asset Management L.P. acquired a new stake in Bit Digital in the 2nd quarter valued at about $10,385,000. Valiant Capital Management L.P. acquired a new stake in Bit Digital in the 2nd quarter valued at about $8,760,000. Vident Advisory LLC lifted its holdings in Bit Digital by 29.0% in the 2nd quarter. Vident Advisory LLC now owns 3,723,069 shares of the company's stock valued at $8,154,000 after acquiring an additional 837,074 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Bit Digital by 24.2% in the 2nd quarter. Geode Capital Management LLC now owns 3,585,744 shares of the company's stock valued at $7,853,000 after acquiring an additional 699,134 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Bit Digital in the 2nd quarter valued at about $7,512,000. 47.70% of the stock is owned by institutional investors and hedge funds.

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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