Bit Digital, Inc. (NASDAQ:BTBT) Short Interest Update

Bit Digital, Inc. (NASDAQ:BTBT) was the target of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 34,820,000 shares, a growth of 10.5% from the December 31st total of 31,500,000 shares. Based on an average daily volume of 17,600,000 shares, the days-to-cover ratio is presently 2.0 days.

Bit Digital Stock Performance

Shares of NASDAQ BTBT traded up $0.03 during midday trading on Monday, hitting $3.18. 24,845,096 shares of the company’s stock traded hands, compared to its average volume of 17,949,500. The firm has a fifty day moving average of $3.71 and a 200 day moving average of $3.59. The stock has a market capitalization of $488.16 million, a price-to-earnings ratio of 53.00 and a beta of 4.88. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.74.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Craig Hallum initiated coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They set a “buy” rating and a $6.00 target price for the company. B. Riley assumed coverage on shares of Bit Digital in a report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research note on Tuesday, November 19th.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds have recently modified their holdings of the company. Crescent Grove Advisors LLC purchased a new position in shares of Bit Digital during the 3rd quarter valued at $35,000. Creative Planning purchased a new stake in shares of Bit Digital during the third quarter worth about $37,000. Stifel Financial Corp bought a new stake in Bit Digital during the 3rd quarter valued at approximately $38,000. Ballentine Partners LLC purchased a new position in Bit Digital in the 4th quarter worth approximately $40,000. Finally, Sei Investments Co. bought a new position in Bit Digital in the 2nd quarter worth approximately $51,000. 47.70% of the stock is currently owned by institutional investors.

Bit Digital Company Profile

Bit Digital, Inc, together with its subsidiaries, engages in the bitcoin mining business. It is also involved in the treasury management activities; and digital asset staking and digital asset mining businesses, as well as ethereum staking activities. In addition, it provides specialized cloud-infrastructure services for artificial intelligence applications.