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
Get Our Latest Stock Analysis on BTBT
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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