Bit Digital, Inc. (NASDAQ:BTBT) Short Interest Up 18.0% in September

Bit Digital, Inc. (NASDAQ:BTBT) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 23,910,000 shares, an increase of 18.0% from the August 31st total of 20,260,000 shares. Based on an average daily trading volume, of 11,960,000 shares, the short-interest ratio is presently 2.0 days.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Bit Digital in a research note on Wednesday, August 21st.

Bit Digital Stock Down 1.4 %

BTBT stock traded down $0.05 during mid-day trading on Friday, reaching $3.64. 7,701,521 shares of the company traded hands, compared to its average volume of 9,092,925. The stock has a market cap of $300.23 million, a price-to-earnings ratio of 12.13 and a beta of 4.78. Bit Digital has a fifty-two week low of $1.76 and a fifty-two week high of $5.27. The firm’s 50 day moving average price is $3.22 and its 200 day moving average price is $2.84.

Bit Digital (NASDAQ:BTBT) last released its quarterly earnings results on Monday, August 19th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $28.95 million during the quarter, compared to the consensus estimate of $26.63 million. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. On average, analysts anticipate that Bit Digital will post -0.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Bit Digital

Hedge funds have recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC bought a new position in shares of Bit Digital during the 1st quarter worth approximately $33,000. Thoroughbred Financial Services LLC bought a new position in shares of Bit Digital during the 2nd quarter worth approximately $38,000. Victory Capital Management Inc. lifted its position in shares of Bit Digital by 39.3% during the 2nd quarter. Victory Capital Management Inc. now owns 15,522 shares of the company’s stock worth $49,000 after buying an additional 4,380 shares in the last quarter. Sei Investments Co. bought a new position in shares of Bit Digital during the 2nd quarter worth approximately $51,000. Finally, Vima LLC bought a new position in shares of Bit Digital during the 4th quarter worth approximately $118,000. Institutional investors and hedge funds 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.