Short Interest in Bit Digital, Inc. (NASDAQ:BTBT) Grows By 7.8%

Bit Digital, Inc. (NASDAQ:BTBT) saw a significant growth in short interest in November. As of November 30th, there was short interest totalling 28,510,000 shares, a growth 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 short-interest ratio is presently 1.9 days.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BTBT shares. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley started coverage on Bit Digital in a research note on Thursday, October 24th. They issued a “buy” rating and a $6.00 price target for the company.

Institutional Investors Weigh In On Bit Digital

A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in shares of Bit Digital by 1.7% in the third quarter. State Street Corp now owns 5,597,517 shares of the company’s stock worth $19,647,000 after acquiring an additional 94,762 shares during the period. Van ECK Associates Corp increased its position in shares of Bit Digital by 25.2% during the 3rd quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock valued at $17,259,000 after purchasing an additional 898,329 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company’s stock worth $8,225,000 after purchasing an additional 1,033,767 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Bit Digital by 1.8% in the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock worth $8,512,000 after buying an additional 42,375 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Bit Digital by 192.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock valued at $2,831,000 after buying an additional 530,411 shares during the period. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Bit Digital Stock Performance

Shares of BTBT stock traded up $0.03 during trading hours on Tuesday, reaching $4.34. The company had a trading volume of 11,996,895 shares, compared to its average volume of 10,888,371. The firm has a market cap of $357.96 million, a PE ratio of 71.83 and a beta of 4.80. The business has a fifty day moving average price of $4.12 and a 200-day moving average price of $3.53. Bit Digital has a one year low of $1.76 and a one year high of $5.74.

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.