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

Bit Digital, Inc. (NASDAQ:BTBT) saw 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 Ratings Changes

BTBT has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective 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 issued a “buy” rating and a $6.00 price target on the stock.

Hedge Funds Weigh In On Bit Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in Bit Digital by 51.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 373,241 shares of the company’s stock valued at $1,187,000 after purchasing an additional 126,101 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Bit Digital by 48.3% during the second quarter. Rhumbline Advisers now owns 158,748 shares of the company’s stock worth $505,000 after buying an additional 51,695 shares in the last quarter. Victory Capital Management Inc. raised its position 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 buying an additional 4,380 shares during the last quarter. Sei Investments Co. purchased a new position in shares of Bit Digital in the second quarter worth about $51,000. Finally, Marshall Wace LLP acquired a new position in Bit Digital during the second quarter worth about $483,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Bit Digital Price Performance

Bit Digital stock traded up $0.05 during midday trading on Friday, reaching $3.68. The company had a trading volume of 17,264,307 shares, compared to its average volume of 14,334,144. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.74. The firm’s fifty day simple moving average is $3.95 and its 200-day simple moving average is $3.61. The company has a market capitalization of $564.92 million, a P/E ratio of 61.33 and a beta of 4.89.

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.