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

Bit Digital, Inc. (NASDAQ:BTBT) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 25,940,000 shares, a growth of 8.5% from the September 15th total of 23,910,000 shares. Based on an average trading volume of 10,210,000 shares, the days-to-cover ratio is currently 2.5 days.

Bit Digital Stock Performance

NASDAQ:BTBT traded up $0.27 during mid-day trading on Tuesday, hitting $3.56. 10,676,816 shares of the company’s stock traded hands, compared to its average volume of 8,963,591. The company has a market cap of $293.64 million, a PE ratio of 11.87 and a beta of 4.79. The firm’s 50 day simple moving average is $3.16 and its 200 day simple moving average is $2.91. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.27.

Bit Digital (NASDAQ:BTBT) last issued its quarterly earnings data on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Bit Digital had a net margin of 33.30% and a negative return on equity of 1.48%. The business had revenue of $28.95 million during the quarter, compared to analysts’ expectations of $26.63 million. On average, research analysts expect that Bit Digital will post -0.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors have recently made changes to their positions in BTBT. Nomura Holdings Inc. purchased a new stake in Bit Digital during the 4th quarter worth about $1,583,000. Van ECK Associates Corp boosted its stake in shares of Bit Digital by 133.9% during the 1st quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock worth $14,351,000 after purchasing an additional 2,862,309 shares during the last quarter. Bleakley Financial Group LLC purchased a new stake in shares of Bit Digital during the first quarter worth about $33,000. Squarepoint Ops LLC purchased a new stake in shares of Bit Digital during the second quarter worth about $2,126,000. Finally, Millennium Management LLC raised its position in shares of Bit Digital by 66.6% in the second quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock valued at $8,225,000 after buying an additional 1,033,767 shares during the last quarter. 47.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Bit Digital in a research note 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.