Bit Digital, TeraWulf Land New ‘Buy’ Ratings As Firms Look Past Bitcoin Mining

Freedom Capital found a “defensible floor” for WULF around $14 a share, where it traded for four straight sessions last week.

• H.C. Wainwright initiated coverage of Bit Digital with a ‘Buy’ rating and a price target of $4, implying potential upside of 145% from current levels.
• The firm said Bit Digital now offers exposure to WhiteFiber and an Ethereum treasury, while the company continues to shift away from Bitcoin mining.
• Freedom Capital initiated coverage of TeraWulf with a ‘Buy’ rating and a $19 price target.

Shares of Bit Digital Inc. (BTBT) and TeraWulf (WULF) gained in midday trade on Tuesday, rallying despite weakness in the broader market, after the two stocks saw fresh coverage from Wall Street.

According to TheFly, H.C. Wainwright initiated coverage of Bit Digital with a ‘Buy’ rating and a $4 price target, meaning the firm expects the stock to rise about 145% from its current trading price of $1.60. Separately, Paul Meeks, an analyst at Freedom Capital, started coverage on TeraWulf with a ‘Buy’ rating and a $19 price target. 

BTBT’s price was up around 5% in midday trade. On Stocktwits, retail sentiment around BTBT improved to ‘bullish’ from the ‘neutral’ zone, accompanied by ‘normal’ chatter levels over the past day.