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

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 34,820,000 shares, an increase 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.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its holdings in Bit Digital by 66.6% in the second quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after acquiring an additional 1,033,767 shares in the last quarter. Van ECK Associates Corp boosted its stake in Bit Digital by 25.2% in the 3rd 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 in the last quarter. Squarepoint Ops LLC purchased a new stake in Bit Digital during the 2nd quarter valued at about $2,126,000. Charles Schwab Investment Management Inc. increased its stake in 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 purchasing an additional 530,411 shares in the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new position in Bit Digital in the third quarter worth about $1,222,000. Institutional investors own 47.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BTBT. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley began coverage on shares of Bit Digital in a research note on Thursday, October 24th. They set a “buy” rating and a $6.00 target price on the stock. Finally, Craig Hallum assumed coverage on Bit Digital in a report on Tuesday, January 21st. They issued a “buy” rating and a $6.00 price objective for the company.

Bit Digital Stock Up 1.1 %

Shares of NASDAQ BTBT traded up $0.04 on Monday, reaching $3.19. 22,653,688 shares of the company’s stock traded hands, compared to its average volume of 17,786,332. The business’s 50 day simple moving average is $3.73 and its two-hundred day simple moving average is $3.59. Bit Digital has a 12 month low of $1.76 and a 12 month high of $5.74. The company has a market cap of $488.93 million, a price-to-earnings ratio of 53.08 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.