Alert: Rating Downgrade (12/22/23)-BIT Mining Ltd (NYSE: BTCM).


Stock Rating Downgrade

Reflecting eroding fundamentals and low Appreciation Potential, the Value Trend Rating for BIT Mining Ltd (NYSE: BTCM) weakened of late. BTCM’s current Value Trend Rating is C and the prior Rating was B. Details supporting this lower rating are included in our next report.


Recent Price Action

On 12/22/23, BIT Mining Ltd (NYSE: BTCM) stock enjoyed a large increase of 3.4%, closing at $6.41. Moreover, this advance was accompanied by exceptionally high trading volume at 578% of normal. Relative to the market the stock has been exceptionally strong over the last nine months and has risen 50.5% during the last week.

Current PriceTarget Research Rating

With future capital returns forecasted to be below the cost of capital, BTCM is expected to continue to be a modest Value Eraser.

BIT Mining has a current Value Trend Rating of C (High Neutral). With this rating, PTR’s two proprietary measures of a stock’s current attractiveness are providing very contradictory signals. BIT Mining has a poor Appreciation Score of 30 but a very high Power Rating of 91, with the High Neutral Value Trend Rating the result.

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