Bit Digital, Inc. (NASDAQ:BTBT) has recently seen a significant surge in short interest, according to reports. As of September 15th, the total short interest stood at 23,910,000 shares, marking an 18.0% increase from the previous month’s total of 20,260,000 shares. With an average daily volume of 11,960,000 shares, the short-interest ratio currently stands at 2.0 days.
On Friday, Bit Digital’s stock (NASDAQ:BTBT) traded down $0.05, reaching $3.64 during trading hours. A total of 7,701,521 shares were exchanged, compared to the average volume of 9,092,925 shares. The company has a market capitalization of $300.23 million, a price-to-earnings ratio of 12.13, and a beta of 4.78. Bit Digital’s one-year low is $1.76, while its one-year high is $5.27. The stock’s fifty-day simple moving average is $3.22, and its 200-day simple moving average is $2.84.
Bit Digital last reported its earnings results on August 19th, revealing earnings per share (EPS) of ($0.01) for the quarter. This surpassed the consensus estimate of ($0.03) by $0.02. The company generated $28.95 million in revenue during the quarter, exceeding analyst estimates of $26.63 million. Bit Digital had a negative return on equity of 1.48% and a net margin of 33.30%. Analysts predict that the company will post earnings per share of -0.02 for the current fiscal year.
Institutional investors have shown interest in Bit Digital, with several large investors buying and selling shares of the company. Bleakley Financial Group LLC acquired a stake worth approximately $33,000 during the first quarter, while Thoroughbred Financial Services LLC purchased a stake worth around $38,000 during the second quarter. Victory Capital Management Inc. increased its holdings by 39.3% during the same period, now owning 15,522 shares valued at $49,000. Sei Investments Co. and Vima LLC also acquired stakes in Bit Digital, with investments worth approximately $51,000 and $118,000, respectively. Currently, 47.70% of the stock is owned by institutional investors and hedge funds.
Bit Digital, Inc. is primarily engaged in the bitcoin mining business. The company also participates in treasury management activities, digital asset staking and mining businesses, as well as ethereum staking activities. Additionally, it provides specialized cloud-infrastructure services for artificial intelligence applications.