Short Interest in Bit Digital, Inc. (NASDAQ:BTBT) Grows By 7.8%

Bit Digital, Inc. (NASDAQ:BTBT) saw a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 28,510,000 shares, an increase of 7.8% from the November 15th total of 26,440,000 shares. Based on an average daily volume of 15,140,000 shares, the days-to-cover ratio is presently 1.9 days.

Analyst Ratings Changes

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

Institutional Trading of Bit Digital

Institutional investors have recently made changes to their positions in the business. Crescent Grove Advisors LLC purchased a new position in Bit Digital in the 3rd quarter worth approximately $35,000. Creative Planning purchased a new position in shares of Bit Digital during the third quarter valued at about $37,000. Thoroughbred Financial Services LLC bought a new stake in shares of Bit Digital in the second quarter worth about $38,000. Stifel Financial Corp bought a new stake in shares of Bit Digital in the third quarter worth about $38,000. Finally, Victory Capital Management Inc. lifted its position in shares of Bit Digital by 39.3% in the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after buying an additional 4,380 shares in the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Trading Up 0.7 %

Bit Digital stock traded up $0.03 during mid-day trading on Tuesday, hitting $4.34. The stock had a trading volume of 11,996,895 shares, compared to its average volume of 10,888,371. The firm’s 50 day moving average is $4.12 and its 200 day moving average is $3.53. The firm has a market capitalization of $357.96 million, a P/E ratio of 71.83 and a beta of 4.80. Bit Digital has a one year low of $1.76 and a one year high of $5.74.

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.