HC Wainwright Reiterates “Buy” Rating for Bit Digital (NASDAQ:BTBT)

Bit Digital (NASDAQ:BTBTGet Free Report)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a report released on Wednesday, Benzinga reports. They presently have a $5.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 95.31% from the stock’s current price.

Separately, Northland Securities began coverage on shares of Bit Digital in a report on Tuesday, February 13th. They set an “outperform” rating and a $6.00 target price on the stock.

Read Our Latest Research Report on BTBT

Bit Digital Stock Up 1.2 %

Shares of BTBT stock opened at $2.56 on Wednesday. The company’s fifty day simple moving average is $2.66 and its 200-day simple moving average is $2.64. The firm has a market cap of $211.15 million, a PE ratio of -16.00 and a beta of 4.75. Bit Digital has a 12 month low of $1.26 and a 12 month high of $5.27.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in Bit Digital by 2,244.0% in the first quarter. JPMorgan Chase & Co. now owns 177,418 shares of the company’s stock valued at $639,000 after buying an additional 169,849 shares during the period. Citigroup Inc. raised its stake in shares of Bit Digital by 192.2% in the first quarter. Citigroup Inc. now owns 12,202 shares of the company’s stock valued at $44,000 after buying an additional 8,026 shares during the period. XTX Topco Ltd bought a new stake in shares of Bit Digital during the 1st quarter valued at $43,000. UBS Group AG raised its stake in shares of Bit Digital by 123.5% during the 1st quarter. UBS Group AG now owns 21,598 shares of the company’s stock valued at $78,000 after purchasing an additional 11,934 shares during the period. Finally, Vident Investment Advisory LLC grew its position in Bit Digital by 273.6% during the first quarter. Vident Investment Advisory LLC now owns 443,710 shares of the company’s stock worth $1,598,000 after buying an additional 324,953 shares in the last quarter. Institutional investors and hedge funds own 24.17% of the company’s stock.

About Bit Digital

(Get Free Report)

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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