Short Interest in Bit Digital, Inc. (NASDAQ:BTBT) Grows By 7.8%

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) was the target of a large growth in short interest in the month of November. As of November 30th, there was short interest totalling 28,510,000 shares, a growth of 7.8% from the November 15th total of 26,440,000 shares. Based on an average daily trading volume, of 15,140,000 shares, the short-interest ratio is presently 1.9 days.

Bit Digital Stock Performance

BTBT stock traded down $0.14 on Friday, reaching $4.10. The company's stock had a trading volume of 11,685,794 shares, compared to its average volume of 10,785,931. The firm has a market cap of $338.17 million, a PE ratio of 68.33 and a beta of 4.80. The business has a fifty day simple moving average of $4.10 and a two-hundred day simple moving average of $3.51. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.74.

Institutional Investors Weigh In On Bit Digital

A number of large investors have recently modified their holdings of BTBT. State Street Corp boosted its position in Bit Digital by 1.7% during the 3rd quarter. State Street Corp now owns 5,597,517 shares of the company's stock valued at $19,647,000 after acquiring an additional 94,762 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Bit Digital by 25.2% in the 3rd quarter. Van ECK Associates Corp now owns 4,459,689 shares of the company's stock worth $17,259,000 after acquiring an additional 898,329 shares in the last quarter. Millennium Management LLC lifted its stake in shares of 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 during the period. Geode Capital Management LLC boosted its position in shares of Bit Digital by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,425,057 shares of the company's stock valued at $8,512,000 after purchasing an additional 42,375 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Bit Digital by 192.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 806,631 shares of the company's stock worth $2,831,000 after purchasing an additional 530,411 shares during the period. Institutional investors own 47.70% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of Bit Digital in a report on Tuesday, November 19th. B. Riley assumed coverage on Bit Digital in a research note on Thursday, October 24th. They issued a "buy" rating and a $6.00 target price 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.

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