Bit Digital initiated with a Buy at B. Riley

B. Riley initiated coverage of Bit Digital (BTBT) with a Buy rating and $6 price target Bit Digital has undergone a major transformation over the past year with the expansion of its GPU business and the recent acquisition of Enovum Data Centers, the analyst tells investors in a research note. The firm believes the transition to a high performance computing-centric company should yield a valuation more aligned with traditional data center companies. It believes Bit Digital’s current valuation does not fully reflect the company’s pivot toward more stable revenue and that the shares have a “meaningful runway as management executes its growth plans.”