Short Interest in Bit Digital, Inc. (NASDAQ:BTBT) Rises By 10.5%

Bit Digital, Inc. (NASDAQ:BTBT) was the target of a large growth in short interest in 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 trading volume of 17,600,000 shares, the short-interest ratio is currently 2.0 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its position in Bit Digital by 39.3% during 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 during the period. Tidal Investments LLC increased its holdings in shares of Bit Digital by 22.0% in the third quarter. Tidal Investments LLC now owns 45,800 shares of the company’s stock valued at $161,000 after purchasing an additional 8,250 shares during the period. Crescent Grove Advisors LLC acquired a new position in shares of Bit Digital in the third quarter valued at approximately $35,000. Creative Planning acquired a new position in shares of Bit Digital in the third quarter valued at approximately $37,000. Finally, Stifel Financial Corp acquired a new position in shares of Bit Digital in the third quarter valued at approximately $38,000. Institutional investors and hedge funds own 47.70% of the company’s stock.

Bit Digital Stock Up 1.4 %

BTBT opened at $3.68 on Monday. The firm has a market cap of $564.92 million, a price-to-earnings ratio of 61.33 and a beta of 4.89. Bit Digital has a 52 week low of $1.76 and a 52 week high of $5.74. The business’s 50 day moving average is $3.95 and its two-hundred day moving average is $3.62.

Analysts Set New Price Targets

BTBT has been the topic of several research analyst reports. B. Riley initiated coverage on Bit Digital in a research report on Thursday, October 24th. They set a “buy” rating and a $6.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Bit Digital in a research report on Tuesday, November 19th.

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.