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

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

Hedge Funds Weigh In On Bit Digital

Several hedge funds have recently made changes to their positions in BTBT. State Street Corp lifted its stake in Bit Digital by 1.7% during the third quarter. State Street Corp now owns 5,597,517 shares of the company's stock valued at $19,647,000 after purchasing an additional 94,762 shares during the last quarter. Van ECK Associates Corp lifted 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 acquiring an additional 898,329 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Bit Digital by 66.6% during the 2nd 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 in the last quarter. Geode Capital Management LLC grew its holdings in shares of Bit Digital by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company's stock worth $8,512,000 after acquiring an additional 42,375 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Bit Digital by 116.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,749,845 shares of the company's stock worth $5,127,000 after acquiring an additional 943,214 shares during the last quarter. Institutional investors and hedge funds own 47.70% of the company's stock.

Bit Digital Trading Down 0.3 %

BTBT stock traded down $0.01 during trading hours on Thursday, hitting $3.09. 13,127,088 shares of the stock traded hands, compared to its average volume of 17,450,273. The stock has a 50-day simple moving average of $3.64 and a 200 day simple moving average of $3.58. Bit Digital has a one year low of $1.76 and a one year high of $5.74. The company has a market cap of $474.35 million, a P/E ratio of 51.50 and a beta of 4.88.

Wall Street Analyst Weigh In

BTBT has been the topic of a number of research analyst reports. HC Wainwright reissued a "buy" rating and set a $7.00 price target on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley started 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 on the stock. Finally, Craig Hallum began coverage on shares of Bit Digital in a research report on Tuesday, January 21st. They set a "buy" rating and a $6.00 price target on the stock.

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.