Bit Digital (NASDAQ:BTBT) Earns Buy Rating from Analysts at Craig Hallum

Craig Hallum initiated coverage on shares of Bit Digital (NASDAQ:BTBT) in a report issued on Tuesday, Marketbeat reports. The firm issued a buy rating and a $6.00 target price on the stock.

BTBT has been the subject of a number of other reports. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a research report on Tuesday, November 19th. B. Riley initiated coverage on Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price target for the company.

Bit Digital Stock Performance

Shares of NASDAQ:BTBT opened at $3.65 on Tuesday. Bit Digital has a one year low of $1.76 and a one year high of $5.74. The company has a 50-day simple moving average of $3.84 and a 200-day simple moving average of $3.62. The stock has a market capitalization of $560.31 million, a price-to-earnings ratio of 60.83 and a beta of 4.89.

Institutional Trading of Bit Digital

A number of institutional investors have recently modified their holdings of BTBT. Rhumbline Advisers lifted its holdings in Bit Digital by 48.3% in the second quarter. Rhumbline Advisers now owns 158,748 shares of the company’s stock valued at $505,000 after acquiring an additional 51,695 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Bit Digital by 39.3% in the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock valued at $49,000 after purchasing an additional 4,380 shares in the last quarter. Sei Investments Co. acquired a new stake in shares of Bit Digital in the second quarter valued at about $51,000. Marshall Wace LLP purchased a new stake in Bit Digital during the second quarter worth about $483,000. Finally, Squarepoint Ops LLC acquired a new position in Bit Digital during the second quarter worth about $2,126,000. 47.70% of the stock is currently 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.