Bit Digital, Inc. (NASDAQ:BTBT) Short Interest Up 10.5% in December

Bit Digital, Inc. (NASDAQ:BTBT) was the target of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 34,820,000 shares, a growth of 10.5% from the December 15th total of 31,500,000 shares. Based on an average daily trading volume, of 17,600,000 shares, the short-interest ratio is presently 2.0 days.

Bit Digital Stock Performance

Shares of Bit Digital stock traded up $0.05 on Friday, reaching $3.68. The company had a trading volume of 17,264,307 shares, compared to its average volume of 14,334,144. The firm’s 50 day moving average price is $3.95 and its two-hundred day moving average price is $3.61. Bit Digital has a 52-week low of $1.76 and a 52-week high of $5.74. The firm has a market cap of $564.92 million, a PE ratio of 61.33 and a beta of 4.89.

Institutional Trading of Bit Digital

Institutional investors have recently added to or reduced their stakes in the stock. Crescent Grove Advisors LLC purchased a new position in shares of Bit Digital during the third quarter worth $35,000. Creative Planning acquired a new position in Bit Digital during the 3rd quarter worth about $37,000. Stifel Financial Corp purchased a new position in Bit Digital during the 3rd quarter valued at about $38,000. Ballentine Partners LLC acquired a new position in Bit Digital in the 4th quarter valued at about $40,000. Finally, Victory Capital Management Inc. increased its stake in Bit Digital by 39.3% during the second quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after purchasing an additional 4,380 shares during the period. Institutional investors and hedge funds own 47.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on BTBT. B. Riley started coverage on Bit Digital in a report on Thursday, October 24th. They issued a “buy” rating and a $6.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Bit Digital in a report on Tuesday, November 19th.

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.