BIT Mining Ltd (NYSE: BTCM) stock closed at $3.70 on 12/7/23 after a major decline of -10.6%. Moreover, trading volume in this decline was exceptionally high at 286% of normal. The stock has been exceptionally strong relative to the market over the last nine months and has risen 21.7% 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 A (Highest Rating). The Value Trend Rating reflects complementary signals from PTR’s two proprietary measures of a stock’s attractiveness. BIT Mining has a slightly positive Appreciation Score of 63 and a very high Power Rating of 88, triggering the Highest Value Trend Rating.
Rating Review
In light of this highly negative price change we are reviewing our current Overall Rating of A. This review will be completed in the next several days.
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