Bit Digital, Inc. (NASDAQ:BTBT) Short Interest Update

Bit Digital, Inc. (NASDAQ:BTBT) was the recipient of a significant drop in short interest in May. As of May 31st, there was short interest totalling 20,570,000 shares, a drop of 6.2% from the May 15th total of 21,920,000 shares. Based on an average trading volume of 6,580,000 shares, the days-to-cover ratio is currently 3.1 days.

Institutional Investors Weigh In On Bit Digital

Institutional investors and hedge funds have recently modified their holdings of the business. HBW Advisory Services LLC purchased a new position in Bit Digital during the 4th quarter worth $42,000. Gladstone Institutional Advisory LLC purchased a new position in Bit Digital during the 4th quarter worth $42,000. Merit Financial Group LLC purchased a new position in Bit Digital during the 4th quarter worth $42,000. Simplicity Wealth LLC purchased a new position in Bit Digital during the 1st quarter worth $33,000. Finally, Bleakley Financial Group LLC purchased a new position in Bit Digital during the 1st quarter worth $33,000. 47.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, HC Wainwright restated a “buy” rating and set a $5.00 price target on shares of Bit Digital in a report on Friday, May 17th.

Bit Digital Stock Up 7.1 %

BTBT stock opened at $2.86 on Tuesday. The business’s 50-day moving average price is $2.34 and its 200-day moving average price is $2.73. The stock has a market cap of $235.89 million, a P/E ratio of 9.53 and a beta of 4.75. Bit Digital has a twelve month low of $1.76 and a twelve month high of $5.27.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings data on Wednesday, May 15th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. Bit Digital had a return on equity of 0.30% and a net margin of 57.44%. The business had revenue of $30.29 million for the quarter, compared to the consensus estimate of $25.61 million. On average, equities research analysts expect that Bit Digital will post 0.03 earnings per share for the current fiscal year.

Bit Digital Company Profile

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.