Bit Digital, Inc. (NASDAQ:BTBT) Sees Significant Increase in Short Interest

Bit Digital, Inc. (NASDAQ:BTBT) was the target of a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 28,510,000 shares, an increase of 7.8% from the November 15th total of 26,440,000 shares. Based on an average trading volume of 15,140,000 shares, the days-to-cover ratio is presently 1.9 days.

Institutional Trading of Bit Digital

Several hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in Bit Digital by 39.3% during the 2nd 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 period. Tidal Investments LLC increased its position 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 worth $161,000 after acquiring an additional 8,250 shares in the last quarter. Crescent Grove Advisors LLC purchased a new position in shares of Bit Digital in the third quarter worth approximately $35,000. Creative Planning purchased a new position in shares of Bit Digital in the third quarter worth approximately $37,000. Finally, Stifel Financial Corp purchased a new position in shares of Bit Digital in the third quarter worth approximately $38,000. 47.70% of the stock is currently owned by institutional investors.

Bit Digital Stock Performance

Shares of Bit Digital stock traded up $0.04 during trading hours on Monday, reaching $4.14. The company’s stock had a trading volume of 4,562,449 shares, compared to its average volume of 10,751,601. The stock has a market cap of $341.47 million, a P/E ratio of 68.33 and a beta of 4.80. The company’s 50 day simple moving average is $4.10 and its 200 day simple moving average is $3.51. Bit Digital has a one year low of $1.76 and a one year high of $5.74.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on BTBT shares. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a research note on Tuesday, November 19th. B. Riley started coverage on shares of Bit Digital in a research note on Thursday, October 24th. They set a “buy” rating and a $6.00 price objective on the stock.

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.