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

Bit Digital, Inc. (NASDAQ:BTBT) saw a large decrease in short interest in August. As of August 15th, there was short interest totalling 20,400,000 shares, a decrease of 8.1% from the July 31st total of 22,190,000 shares. Based on an average daily volume of 11,440,000 shares, the days-to-cover ratio is currently 1.8 days.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Simplicity Wealth LLC bought a new stake in Bit Digital during the 1st quarter worth approximately $33,000. Bleakley Financial Group LLC bought a new position in shares of Bit Digital in the first quarter worth $33,000. Thoroughbred Financial Services LLC purchased a new stake in shares of Bit Digital in the second quarter worth $38,000. Gladstone Institutional Advisory LLC bought a new position in Bit Digital in the 4th quarter worth about $42,000. Finally, Merit Financial Group LLC purchased a new stake in shares of Bit Digital in the 4th quarter valued at about $42,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Bit Digital Trading Down 0.3 %

Shares of BTBT stock traded down $0.01 during trading hours on Monday, hitting $3.22. 4,541,900 shares of the company were exchanged, compared to its average volume of 9,091,688. The stock has a market capitalization of $265.60 million, a price-to-earnings ratio of 10.73 and a beta of 4.90. The firm has a fifty day simple moving average of $3.42 and a 200 day simple moving average of $2.80. Bit Digital has a 52-week low of $1.76 and a 52-week high of $5.27.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Bit Digital in a report on Wednesday, August 21st.

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.