Short Interest in Bit Digital, Inc. (NASDAQ:BTBT) Increases By 10.5%

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

Bit Digital Price Performance

NASDAQ:BTBT traded up $0.05 during mid-day trading on Friday, reaching $3.68. The stock had a trading volume of 17,264,307 shares, compared to its average volume of 14,334,144. The company has a market capitalization of $564.92 million, a price-to-earnings ratio of 61.33 and a beta of 4.89. Bit Digital has a 1-year low of $1.76 and a 1-year high of $5.74. The stock’s 50 day simple moving average is $3.95 and its two-hundred day simple moving average is $3.61.

Analysts Set New Price Targets

Several research firms have issued reports on BTBT. B. Riley assumed coverage on Bit Digital in a report on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a research note on Tuesday, November 19th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. State Street Corp lifted its stake in Bit Digital by 1.7% during the third quarter. State Street Corp now owns 5,597,517 shares of the company’s stock worth $19,647,000 after purchasing an additional 94,762 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Bit Digital by 25.2% during the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock worth $17,259,000 after purchasing an additional 898,329 shares during the period. Millennium Management LLC lifted its position in shares of Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after buying an additional 1,033,767 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Bit Digital by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock valued at $8,512,000 after buying an additional 42,375 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Bit Digital by 192.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after buying an additional 530,411 shares during the last quarter. Institutional investors and hedge funds own 47.70% of the company’s stock.

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.