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

Bit Digital, Inc. (NASDAQ:BTBT) was the target of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 20,750,000 shares, an increase of 14.5% from the March 31st total of 18,130,000 shares. Based on an average daily trading volume, of 7,650,000 shares, the days-to-cover ratio is currently 2.7 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Invesco Ltd. raised its holdings in Bit Digital by 3,163.5% in the 3rd quarter. Invesco Ltd. now owns 5,661,083 shares of the company’s stock valued at $12,115,000 after buying an additional 5,487,615 shares during the period. Van ECK Associates Corp increased its stake in shares of Bit Digital by 133.9% during the first quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company’s stock worth $14,351,000 after buying an additional 2,862,309 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Bit Digital by 9.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,910,596 shares of the company’s stock worth $5,483,000 after buying an additional 165,044 shares during the period. Exchange Traded Concepts LLC boosted its holdings in Bit Digital by 21.2% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,061,395 shares of the company’s stock valued at $4,490,000 after purchasing an additional 185,560 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC acquired a new position in Bit Digital in the fourth quarter valued at approximately $3,384,000. Hedge funds and other institutional investors own 47.70% of the company’s stock.

Analysts Set New Price Targets

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

Bit Digital Price Performance

NASDAQ:BTBT traded down $0.07 during midday trading on Wednesday, hitting $1.97. The company’s stock had a trading volume of 1,776,466 shares, compared to its average volume of 7,862,471. The firm has a market cap of $162.49 million, a P/E ratio of -12.44 and a beta of 4.76. Bit Digital has a fifty-two week low of $1.76 and a fifty-two week high of $5.27. The firm’s 50 day moving average is $2.39 and its 200-day moving average is $2.67.

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