Bit Digital Inc (NASDAQ:BTBT) has earned a repeat ‘Outperform’ rating from analysts at Noble Capital Markets after it strengthened its High Performance Computing (HPC) segment with key hires.
The digital asset mining company announced last week the hiring of its new head of revenue Benjamin Lamson and chief technology officer Tom Sanfilippo.
Alongside the two key hires, management also added to sales and AI/ML engineering roles across the segment.
“With two key hires and a multitude of additional hires for its HPC business, management has taken steps to provide a solid foundation to build on its current success, in our view,” Noble’s analysts wrote in a note to clients.
“We believe both hires in Mr Lamson and Mr Sanfilippo provide expertise in the HPC field and can provide the company with another feather in its cap in negotiations.”
Analysts also repeated their $5.50 price target on Bit Digital, implying upside of almost 75% from the company’s share price at the time of writing.
“We believe the company offers stable cash flow through its HPC services segment with increased risk diversification,” they wrote.
“With its asset-light operating approach, pristine balance sheet, and significant growth opportunities, both in the BTC and ETH verticals and now AI, we believe Bit Digital is well positioned to capitalize on any such market upturn.”