Short Interest in Bit Digital, Inc. (NASDAQ:BTBT) Grows By 14.0%

Bit Digital, Inc. (NASDAQ:BTBT) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 18,130,000 shares, a growth of 14.0% from the March 15th total of 15,910,000 shares. Based on an average daily volume of 8,110,000 shares, the days-to-cover ratio is currently 2.2 days.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BTBT. HC Wainwright reissued a “buy” rating and set a $5.00 target price on shares of Bit Digital in a report on Wednesday, March 20th. Northland Securities assumed coverage on shares of Bit Digital in a report on Tuesday, February 13th. They set an “outperform” rating and a $6.00 target price on the stock.

Hedge Funds Weigh In On Bit Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BTBT. State of Wyoming purchased a new stake in shares of Bit Digital in the second quarter worth about $33,000. HBW Advisory Services LLC purchased a new stake in shares of Bit Digital in the fourth quarter worth about $42,000. Gladstone Institutional Advisory LLC purchased a new stake in shares of Bit Digital in the fourth quarter worth about $42,000. Merit Financial Group LLC purchased a new stake in shares of Bit Digital in the fourth quarter worth about $42,000. Finally, Principal Financial Group Inc. purchased a new stake in shares of Bit Digital in the fourth quarter worth about $45,000. Institutional investors own 47.70% of the company’s stock.

Bit Digital Stock Performance

Shares of NASDAQ BTBT traded down $0.06 during trading on Tuesday, hitting $1.82. The stock had a trading volume of 5,904,573 shares, compared to its average volume of 8,164,856. The firm has a fifty day moving average of $2.57 and a two-hundred day moving average of $2.67. Bit Digital has a 12 month low of $1.61 and a 12 month high of $5.27.

Bit Digital (NASDAQ:BTBT) last posted its quarterly earnings results on Monday, March 18th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.04. The company had revenue of $16.05 million during the quarter, compared to analyst estimates of $12.06 million. Bit Digital had a negative net margin of 30.93% and a negative return on equity of 6.20%. As a group, equities research analysts predict that Bit Digital will post 0.02 EPS for the current fiscal year.

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.