H.C. Wainwright Maintains a Buy Rating on Bit Digital (BTBT)

Bit Digital, Inc. (NASDAQ:BTBT) is one of the best stocks under $5 with highest upside potential. On October 29, H.C. Wainwright analyst Kevin Dede maintained a Buy rating on Bit Digital, Inc. (NASDAQ:BTBT). The analyst set a $7 price target, basing the optimistic rating on the company’s growth potential and strategic positioning.

He cited the company’s shift from Bitcoin to Ethereum, stating that Bit Digital, Inc.’s (NASDAQ:BTBT) focus on HPC infrastructure lends it an advantageous position in the evolving crypto and technology landscape.

The CEO of Bit Digital, Inc. (NASDAQ:BTBT) boasts a solid Ethereum background, which positions the company well to effectively manage its Ethereum holdings and staking operations, according to the analyst.

Another key reason supporting Dede’s optimistic rating is Bit Digital, Inc.’s (NASDAQ:BTBT) considerable stake in WhiteFiber, which is involved in HPC-AI cloud and colocation services. WhiteFiber is trading at a discount compared to its peers, and the analyst believes that this undervaluation paves the way for future appreciation as the company’s market cap-to-sales ratio increasingly aligns with industry standards.

Headquartered in New York City, Bit Digital (NASDAQ:BTBT) is a holding company that provides a platform for digital assets and AI infrastructure. Its Bitcoin mining operations are spread through the US, Canada, and Iceland.

While we acknowledge the potential of BTBT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.