Benzinga | Sep 23, 2021 07:27AM EDT

H.C. Wainwright Sees 46% Upside In Bit Digital - Read Why

* H.C. Wainwright analyst Kevin Dede initiated coverage of Bit Digital Inc (NASDAQ:BTBT) with a Buy rating and $14 price target, implying a 46% upside.

* Dede notes that the company has transformed "from an obscure technology opportunist to a full-fledged, transparent, North American-based industrial bitcoin miner," Dede notes.

* Dede says Bit Digital is leveraging relationships to build a "formidable" North American footprint and industrial bitcoin mining hash.

* Price Action: BTBT shares traded higher by 3.44% at $9.92 in the premarket session on the last check Thursday.