Short Interest in Bit Digital, Inc. (NASDAQ:BTBT) Increases By 14.5%

Bit Digital, Inc. (NASDAQ:BTBT - Get Free Report) was the target of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 20,750,000 shares, an increase 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 short-interest ratio is currently 2.7 days.

Bit Digital Price Performance

Shares of NASDAQ BTBT traded down $0.16 during mid-day trading on Monday, hitting $2.15. The company's stock had a trading volume of 3,869,436 shares, compared to its average volume of 7,893,855. Bit Digital has a one year low of $1.76 and a one year high of $5.27. The company's fifty day simple moving average is $2.39 and its 200-day simple moving average is $2.67. The stock has a market cap of $177.33 million, a price-to-earnings ratio of -13.44 and a beta of 4.76.

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

Wall Street Analysts Forecast Growth

BTBT has been the topic of a number of analyst reports. HC Wainwright reissued a "buy" rating and issued a $5.00 target price on shares of Bit Digital in a research note on Wednesday, March 20th. Northland Securities assumed coverage on Bit Digital in a report on Tuesday, February 13th. They issued an "outperform" rating and a $6.00 target price for the company.

Institutional Investors Weigh In On Bit Digital

Large investors have recently added to or reduced their stakes in the business. HBW Advisory Services LLC bought a new stake in shares of Bit Digital during the fourth quarter worth approximately $42,000. Gladstone Institutional Advisory LLC bought a new stake in Bit Digital in the 4th quarter valued at $42,000. Merit Financial Group LLC acquired a new position in Bit Digital in the 4th quarter valued at $42,000. Tower Research Capital LLC TRC increased its position in Bit Digital by 166.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 17,263 shares of the company's stock worth $73,000 after buying an additional 10,788 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Bit Digital by 24.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 58,097 shares of the company's stock valued at $246,000 after acquiring an additional 11,278 shares during the period. 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.

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