Bit Digital (NASDAQ:BTBT) Now Covered by Craig Hallum

Craig Hallum began coverage on shares of Bit Digital (NASDAQ:BTBT) in a research note published on Tuesday, MarketBeat reports. The firm issued a buy rating and a $6.00 price objective on the stock.

Other equities research analysts have also issued reports about the stock. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley assumed coverage on Bit Digital in a research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target on the stock.

Bit Digital Stock Performance

Shares of BTBT stock opened at $3.70 on Tuesday. Bit Digital has a 52 week low of $1.76 and a 52 week high of $5.74. The company’s 50 day moving average price is $3.87 and its two-hundred day moving average price is $3.62. The company has a market capitalization of $567.99 million, a P/E ratio of 61.67 and a beta of 4.89.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its stake in shares of Bit Digital by 48.3% during the 2nd quarter. Rhumbline Advisers now owns 158,748 shares of the company’s stock worth $505,000 after buying an additional 51,695 shares during the last quarter. Victory Capital Management Inc. boosted its position in Bit Digital by 39.3% during the second 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 during the last quarter. Sei Investments Co. bought a new position in Bit Digital in the second quarter valued at approximately $51,000. Marshall Wace LLP acquired a new position in shares of Bit Digital during the 2nd quarter worth approximately $483,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Bit Digital during the 2nd quarter worth approximately $2,126,000. Institutional investors own 47.70% of the company’s stock.

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.