Bit Digital, Inc. (NASDAQ:BTBT) Short Interest Up 8.5% in September

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 25,940,000 shares, a growth of 8.5% from the September 15th total of 23,910,000 shares. Based on an average daily trading volume, of 10,210,000 shares, the days-to-cover ratio is presently 2.5 days.

Bit Digital Trading Up 8.2 %

Shares of NASDAQ BTBT traded up $0.27 during midday trading on Tuesday, reaching $3.56. 10,676,816 shares of the company were exchanged, compared to its average volume of 8,963,591. The stock has a fifty day simple moving average of $3.16 and a 200 day simple moving average of $2.91. The stock has a market cap of $293.64 million, a P/E ratio of 11.87 and a beta of 4.79. Bit Digital has a 1 year low of $1.76 and a 1 year high of $5.27.

Bit Digital (NASDAQ:BTBT - Get Free Report) last announced its earnings results on Monday, August 19th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. The company had revenue of $28.95 million for the quarter, compared to the consensus estimate of $26.63 million. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. As a group, analysts forecast that Bit Digital will post -0.02 earnings per share for the current year.

Hedge Funds Weigh In On Bit Digital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp boosted its holdings in shares of Bit Digital by 133.9% in the first quarter. Van ECK Associates Corp now owns 5,000,337 shares of the company's stock valued at $14,351,000 after acquiring an additional 2,862,309 shares in the last quarter. Millennium Management LLC boosted its holdings in Bit Digital by 66.6% in the 2nd quarter. Millennium Management LLC now owns 2,586,392 shares of the company's stock valued at $8,225,000 after purchasing an additional 1,033,767 shares in the last quarter. Vident Advisory LLC increased its position in Bit Digital by 79.6% during the 1st quarter. Vident Advisory LLC now owns 2,121,581 shares of the company's stock worth $6,089,000 after purchasing an additional 940,161 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Bit Digital by 9.5% during the 1st 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 in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of Bit Digital during the 2nd quarter worth approximately $2,126,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a "buy" rating and issued a $6.00 target price on shares of Bit Digital in a report on Wednesday, August 21st.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.