5 Crypto Stocks with Biggest Upside

2.  Bit Digital, Inc. (NASDAQ:BTBT)

Average Price Target as of March 22: $5.25

Average Upside Potential as of March 22: 122.46%

Number of Hedge Fund Holders: 7

Bit Digital, Inc. (NASDAQ:BTBT) is involved in the bitcoin mining business and has mining operations in Canada, Iceland, and the US. Over the past 3 months, Bit Digital, Inc. (NASDAQ:BTBT) has received Buy ratings from 2 Wall Street analysts. The average price target of $5.25 has an upside of 122.46% from the last price of $2.36 as of March 22.

On March 18, Bit Digital, Inc. (NASDAQ:BTBT) reported earnings for the fiscal year 2023. The company reported a non-GAAP EPS of $0.12. In the quarter, the revenue surged 39.0% year-over-year to $44.9 million, which beat the analysts’ estimates by $4 million.

In the fourth quarter of 2023, hedge fund sentiment was positive toward Bit Digital, Inc. (NASDAQ:BTBT). In the quarter, 7 hedge funds held positions in the company, and their stakes amounted to $12.044 million. This is compared to 4 funds in the third quarter, with positions worth $217,541. As of December 31, 2023, Israel Englander’s Millennium Management is the largest shareholder in the company and has a position worth $5.166 million.