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

Bit Digital, Inc. (NASDAQ:BTBT) was the target of a large increase in short interest in December. As of December 31st, there was short interest totalling 34,820,000 shares, an increase 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.

Bit Digital Stock Up 1.4 %

Shares of BTBT opened at $3.68 on Monday. Bit Digital has a 52-week low of $1.76 and a 52-week high of $5.74. The company has a market capitalization of $564.92 million, a PE ratio of 61.33 and a beta of 4.89. The stock has a fifty day simple moving average of $3.95 and a two-hundred day simple moving average of $3.62.

Hedge Funds Weigh In On Bit Digital

A number of hedge funds have recently modified their holdings of BTBT. Crescent Grove Advisors LLC purchased a new position in Bit Digital during the 3rd quarter valued at about $35,000. Creative Planning purchased a new position in shares of Bit Digital in the 3rd quarter valued at about $37,000. Stifel Financial Corp purchased a new position in shares of Bit Digital in the 3rd quarter valued at about $38,000. Ballentine Partners LLC purchased a new position in shares of Bit Digital in the 4th quarter valued at about $40,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Bit Digital by 39.3% in 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. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BTBT has been the subject of a number of analyst reports. B. Riley initiated coverage on shares of Bit Digital in a research report on Thursday, October 24th. They set a “buy” rating and a $6.00 target price for the company. 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.