Bit Digital, Inc. (NASDAQ:BTBT) Short Interest Up 14.5% in June

Bit Digital, Inc. (NASDAQ:BTBT) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 22,860,000 shares, a growth of 14.5% from the June 15th total of 19,970,000 shares. Based on an average daily trading volume, of 8,280,000 shares, the short-interest ratio is presently 2.8 days.

Institutional Trading of Bit Digital

Institutional investors and hedge funds have recently made changes to their positions in the business. HBW Advisory Services LLC bought a new stake in shares of Bit Digital during the fourth quarter worth $42,000. Gladstone Institutional Advisory LLC bought a new stake in shares of Bit Digital during the fourth quarter worth $42,000. Merit Financial Group LLC purchased a new position in shares of Bit Digital during the fourth quarter valued at $42,000. Simplicity Wealth LLC purchased a new position in shares of Bit Digital during the first quarter valued at $33,000. Finally, Bleakley Financial Group LLC purchased a new position in shares of Bit Digital during the first quarter valued at $33,000. 47.70% of the stock is currently owned by institutional investors.

Bit Digital Stock Up 10.5 %

BTBT traded up $0.40 during trading on Monday, reaching $4.20. The company had a trading volume of 15,800,210 shares, compared to its average volume of 8,482,600. The stock has a market cap of $346.42 million, a P/E ratio of 13.67 and a beta of 4.90. The business has a 50 day simple moving average of $2.78 and a 200-day simple moving average of $2.71. Bit Digital has a 52 week low of $1.76 and a 52 week high of $5.27.

Bit Digital (NASDAQ:BTBT) last released its earnings results on Wednesday, May 15th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. Bit Digital had a return on equity of 0.30% and a net margin of 57.44%. The business had revenue of $30.29 million during the quarter, compared to the consensus estimate of $25.61 million. As a group, equities research analysts expect that Bit Digital will post 0.02 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, HC Wainwright restated a “buy” rating and issued a $6.00 price target on shares of Bit Digital in a research report on Friday.

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.