Bit Digital, Inc. (NASDAQ:BTBT) Sees Significant Growth in Short Interest

Bit Digital, Inc. (NASDAQ:BTBT) was the target of a large growth in short interest in 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 currently 2.0 days.

Analyst Ratings Changes

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

Institutional Trading of Bit Digital

Several hedge funds have recently bought and sold shares of BTBT. Crescent Grove Advisors LLC purchased a new position in shares of Bit Digital during the 3rd quarter worth about $35,000. Creative Planning purchased a new stake in shares of Bit Digital in the third quarter worth approximately $37,000. Stifel Financial Corp bought a new stake in shares of Bit Digital during the 3rd quarter worth approximately $38,000. Ballentine Partners LLC bought a new position in Bit Digital in the 4th quarter valued at $40,000. Finally, Sei Investments Co. purchased a new stake in Bit Digital in the second quarter worth $51,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Trading Up 1.0 %

Bit Digital stock traded up $0.03 on Monday, hitting $3.18. 24,845,096 shares of the stock traded hands, compared to its average volume of 17,949,500. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.74. The business’s fifty day simple moving average is $3.71 and its 200 day simple moving average is $3.59. The firm has a market cap of $488.16 million, a P/E ratio of 53.00 and a beta of 4.88.

About Bit Digital

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.