In a report released today, Kevin Dede from H.C. Wainwright reiterated a Buy rating on Bit Digital, with a price target of $7.00.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Kevin Dede has given his Buy rating due to a combination of factors that highlight Bit Digital’s strategic focus and financial prospects. The company has demonstrated significant growth in Ethereum staking revenue, which has substantially increased from the previous quarter. This growth is attributed to Bit Digital’s strategy of building an Ethereum treasury and maximizing staking activities, which is expected to continue driving revenue growth.
Furthermore, the company’s ownership in WhiteFiber is seen as a stable asset, with no immediate plans to divest, thus providing a solid foundation for future financial performance. Despite a planned reduction in its bitcoin mining operations, the anticipated doubling of Ethereum staking revenue underscores a positive outlook. These factors, combined with Bit Digital’s proactive financial strategies, support the Buy rating and a price target of $7.
In another report released on November 10, Noble Financial also maintained a Buy rating on the stock with a $5.50 price target.