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

Bit Digital, Inc. (NASDAQ:BTBT) was the target of 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 currently 1.9 days.

Bit Digital Price Performance

BTBT stock traded down $0.14 during trading on Friday, hitting $4.10. 11,685,794 shares of the stock traded hands, compared to its average volume of 10,785,931. The stock has a market cap of $338.17 million, a price-to-earnings ratio of 68.33 and a beta of 4.80. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.74. The firm’s 50 day moving average is $4.10 and its two-hundred day moving average is $3.51.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Bit Digital

A number of institutional investors have recently made changes to their positions in the company. State Street Corp raised its stake 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 purchasing an additional 94,762 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Bit Digital by 25.2% in the third quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company’s stock worth $17,259,000 after acquiring an additional 898,329 shares during the period. Millennium Management LLC grew its stake 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 worth $8,225,000 after acquiring an additional 1,033,767 shares during the period. Geode Capital Management LLC raised its holdings in shares of Bit Digital by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company’s stock valued at $8,512,000 after purchasing an additional 42,375 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Bit Digital by 192.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company’s stock worth $2,831,000 after purchasing an additional 530,411 shares during the last quarter. Hedge funds and other institutional investors own 47.70% of the company’s stock.

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.