Abits Group (NASDAQ:ABTS) Posts Earnings Results

Abits Group (NASDAQ:ABTS) announced its earnings results on Thursday. The company reported ($0.40) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $1.60 million for the quarter.

Abits Group Stock Performance

Shares of ABTS remained flat at $1.18 during trading hours on Friday. The stock had a trading volume of 6,132 shares, compared to its average volume of 29,012. The business’s fifty day simple moving average is $1.31 and its two-hundred day simple moving average is $1.26. Abits Group has a 12 month low of $0.76 and a 12 month high of $9.16.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut Abits Group from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. One investment analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company presently has an average rating of “Sell”.

About Abits Group

Abits Group Inc is a bitcoin mining company that develops and operates digital-asset mining infrastructure. Its principal business involves deploying specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin rewards.

The company focuses on building and managing mining operations, including data-center infrastructure, power arrangements, and related operational capabilities. Its activities are centered on the United States, with an emphasis on expanding scalable and energy-efficient mining capacity.

Abits Group was formerly known as Moxian (BVI) Inc and adopted its current name in 2023 as it shifted its corporate focus toward cryptocurrency mining.