Abits Group Inc. (NASDAQ:ABTS) Sees Significant Growth in Short Interest

Abits Group Inc. (NASDAQ:ABTS) saw a significant increase in short interest in the month of April. As of April 30th, there was short interest totaling 429,898 shares, an increase of 808.8% from the April 15th total of 47,304 shares. Approximately 19.5% of the company’s stock are short sold. Based on an average daily trading volume, of 2,403,667 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Investors Weigh In On Abits Group

A hedge fund recently bought a new stake in Abits Group stock. FNY Investment Advisers LLC bought a new stake in Abits Group Inc. (NASDAQ:ABTS) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,366 shares of the company’s stock, valued at approximately $30,000. FNY Investment Advisers LLC owned approximately 0.14% of Abits Group as of its most recent SEC filing. Institutional investors own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Abits Group in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Abits Group Price Performance

ABTS traded down $0.00 during trading on Tuesday, hitting $0.92. The stock had a trading volume of 66,315 shares, compared to its average volume of 797,802. Abits Group has a twelve month low of $0.82 and a twelve month high of $10.86. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.33 and a quick ratio of 0.33. The stock has a 50 day simple moving average of $1.84 and a two-hundred day simple moving average of $4.06.

Abits Group (NASDAQ:ABTS) last announced its earnings results on Wednesday, April 29th. The company reported ($0.53) earnings per share for the quarter. The business had revenue of $2.57 million for the quarter.

About Abits Group

Abits Group Inc operates in the bitcoin mining business in the United States. The company was formerly known as Moxian (BVI) Inc and changed its name to Abits Group Inc in November 2023. Abits Group Inc was incorporated in 2021 and is based in Causeway Bay, Hong Kong.