Bit Digital (NASDAQ:BTBT) Coverage Initiated by Analysts at Craig Hallum

Craig Hallum assumed coverage on shares of Bit Digital (NASDAQ:BTBT) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage issued a buy rating and a $6.00 price target on the stock.

Several other research analysts also recently issued reports on BTBT. HC Wainwright restated 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 started coverage on Bit Digital in a research report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective on the stock.

Bit Digital Stock Down 1.6 %

Bit Digital stock opened at $3.65 on Tuesday. The firm’s 50-day simple moving average is $3.84 and its 200 day simple moving average is $3.62. Bit Digital has a 52 week low of $1.76 and a 52 week high of $5.74. The firm has a market capitalization of $560.31 million, a PE ratio of 60.83 and a beta of 4.89.

Hedge Funds Weigh In On Bit Digital

Several large investors have recently added to or reduced their stakes in the business. Crescent Grove Advisors LLC acquired a new position in shares of Bit Digital during the 3rd quarter valued at about $35,000. Creative Planning acquired a new position in Bit Digital during the third quarter worth approximately $37,000. Stifel Financial Corp acquired a new position in shares of Bit Digital in the 3rd quarter valued at $38,000. Ballentine Partners LLC purchased a new stake in shares of Bit Digital during the 4th quarter valued at $40,000. Finally, Victory Capital Management Inc. increased its holdings in shares of Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after buying an additional 4,380 shares during the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

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.