Bit Digital, Inc. (NASDAQ:BTBT) Short Interest Up 10.5% in December

Bit Digital, Inc. (NASDAQ:BTBT) was the target of a large growth in short interest in 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 days-to-cover ratio is presently 2.0 days.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BTBT shares. B. Riley started coverage on Bit Digital in a research report on Thursday, October 24th. They issued a “buy” rating and a $6.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Tuesday, November 19th.

Bit Digital Price Performance

BTBT stock traded up $0.05 on Friday, reaching $3.68. The company’s stock had a trading volume of 17,264,307 shares, compared to its average volume of 14,334,144. Bit Digital has a 52 week low of $1.76 and a 52 week high of $5.74. The company has a market capitalization of $564.92 million, a P/E ratio of 61.33 and a beta of 4.89. The firm has a fifty day moving average of $3.95 and a two-hundred day moving average of $3.61.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BTBT. Crescent Grove Advisors LLC bought a new stake in shares of Bit Digital during the third quarter valued at about $35,000. Creative Planning acquired a new position in Bit Digital during the 3rd quarter valued at about $37,000. Stifel Financial Corp bought a new stake in shares of Bit Digital during the 3rd quarter worth about $38,000. Ballentine Partners LLC acquired a new stake in shares of Bit Digital in the 4th quarter worth approximately $40,000. Finally, Victory Capital Management Inc. boosted its holdings 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 valued at $49,000 after acquiring an additional 4,380 shares in the last quarter. Institutional investors 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.