Short Interest in Bit Digital, Inc. (NASDAQ:BTBT) Grows By 14.0%

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of a large increase in short interest in March. As of March 31st, there was short interest totalling 18,130,000 shares, an increase of 14.0% from the March 15th total of 15,910,000 shares. Based on an average daily volume of 8,110,000 shares, the days-to-cover ratio is currently 2.2 days.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. HC Wainwright reissued a “buy” rating and set a $5.00 price objective on shares of Bit Digital in a research note on Wednesday, March 20th. Northland Securities assumed coverage on Bit Digital in a research note on Tuesday, February 13th. They set an “outperform” rating and a $6.00 price objective for the company.

Bit Digital Price Performance

Shares of BTBT traded down $0.06 during mid-day trading on Tuesday, reaching $1.82. The company’s stock had a trading volume of 5,904,573 shares, compared to its average volume of 8,164,856. The business has a fifty day moving average of $2.57 and a 200 day moving average of $2.67. Bit Digital has a 1 year low of $1.61 and a 1 year high of $5.27.

Bit Digital (NASDAQ:BTBT) last released 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. The company had revenue of $16.05 million during the quarter, compared to analyst estimates of $12.06 million. Bit Digital had a negative return on equity of 6.20% and a negative net margin of 30.93%. Equities analysts forecast that Bit Digital will post 0.02 EPS for the current fiscal year.

Institutional Trading of Bit Digital

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nomura Holdings Inc. purchased a new stake in shares of Bit Digital during the fourth quarter worth $1,583,000. Quadrature Capital Ltd raised its holdings in Bit Digital by 37.5% during the fourth quarter. Quadrature Capital Ltd now owns 518,035 shares of the company’s stock valued at $2,194,000 after buying an additional 141,368 shares in the last quarter. Vanguard Group Inc. raised its holdings in Bit Digital by 24.3% during the fourth quarter. Vanguard Group Inc. now owns 621,839 shares of the company’s stock valued at $2,630,000 after buying an additional 121,458 shares in the last quarter. Vima LLC bought a new position in Bit Digital during the fourth quarter valued at about $118,000. Finally, Goldman Sachs Group Inc. raised its holdings in Bit Digital by 254.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 430,481 shares of the company’s stock valued at $1,821,000 after buying an additional 309,163 shares in the last quarter. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

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.