Bit Digital, Inc. (NASDAQ:BTBT) Short Interest Up 14.5% in April

Bit Digital, Inc. (NASDAQ:BTBT) was the target of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 20,750,000 shares, a growth of 14.5% from the March 31st total of 18,130,000 shares. Based on an average daily trading volume, of 7,650,000 shares, the days-to-cover ratio is currently 2.7 days.

Analyst Ratings Changes

BTBT has been the topic of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price target on shares of Bit Digital in a research report on Wednesday, March 20th. Northland Securities assumed coverage on Bit Digital in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $6.00 price objective on the stock.

Bit Digital Stock Performance

Bit Digital stock traded down $0.16 during mid-day trading on Monday, reaching $2.15. The company’s stock had a trading volume of 3,869,436 shares, compared to its average volume of 7,893,855. The firm’s fifty day moving average price is $2.39 and its two-hundred day moving average price is $2.67. Bit Digital has a 12-month low of $1.76 and a 12-month high of $5.27. The company has a market capitalization of $177.33 million, a P/E ratio of -13.44 and a beta of 4.76.

Bit Digital (NASDAQ:BTBT) last announced its quarterly earnings results on Monday, March 18th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.04. Bit Digital had a negative return on equity of 6.20% and a negative net margin of 30.93%. The company had revenue of $16.05 million during the quarter, compared to analysts’ expectations of $12.06 million. On average, research analysts predict that Bit Digital will post 0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its position in shares of Bit Digital by 3,163.5% during the 3rd quarter. Invesco Ltd. now owns 5,661,083 shares of the company’s stock valued at $12,115,000 after acquiring an additional 5,487,615 shares during the last quarter. Van ECK Associates Corp grew its stake in Bit Digital by 4.7% in the 4th quarter. Van ECK Associates Corp now owns 2,138,028 shares of the company’s stock worth $9,044,000 after buying an additional 96,733 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Bit Digital by 21.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,745,552 shares of the company’s stock worth $7,384,000 after buying an additional 304,830 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Bit Digital by 21.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,061,395 shares of the company’s stock worth $4,490,000 after buying an additional 185,560 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC purchased a new stake in shares of Bit Digital during the 4th quarter valued at $3,384,000. Hedge funds and other institutional investors own 47.70% of the company’s 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.