BTC Development Corp. (NASDAQ:BDCI) Short Interest Down 58.0% in June

BTC Development Corp. (NASDAQ:BDCI) saw a significant decline in short interest in the month of June. As of June 15th, there was short interest totaling 2,388 shares, a decline of 58.0% from the May 31st total of 5,692 shares. Based on an average trading volume of 28,300 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.0% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BDCI. Meteora Capital LLC bought a new stake in BTC Development during the fourth quarter worth approximately $18,337,000. Toronto Dominion Bank bought a new stake in shares of BTC Development in the 4th quarter worth $13,345,000. Glazer Capital LLC acquired a new stake in shares of BTC Development in the fourth quarter valued at $11,755,000. TENOR CAPITAL MANAGEMENT Co. L.P. acquired a new stake in shares of BTC Development in the fourth quarter valued at $11,261,000. Finally, Adage Capital Partners GP L.L.C. bought a new position in BTC Development during the fourth quarter valued at about $10,010,000.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of BTC Development in a research report on Monday. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.

BTC Development Stock Up 0.1%

BDCI stock traded up $0.01 during trading on Wednesday, reaching $10.07. 152 shares of the company’s stock were exchanged, compared to its average volume of 68,993. BTC Development has a 1-year low of $9.96 and a 1-year high of $10.26. The company’s fifty day moving average price is $10.04 and its 200-day moving average price is $10.03. The firm has a market cap of $305.62 million and a PE ratio of 40.28.

BTC Development (NASDAQ:BDCI) last issued its quarterly earnings results on Tuesday, May 12th. The company reported $0.05 EPS for the quarter.

BTC Development Company Profile

We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination involving one or more businesses or assets, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited to organizational activities as well as activities related to this offering. We have not identified any acquisition target and we have not, nor has anyone on our behalf, initiated any discussions, directly or indirectly, with respect to identifying any acquisition target.