Short Interest in Abits Group Inc. (NASDAQ:ABTS) Expands By 742.5%

Abits Group Inc. (NASDAQ:ABTS) was the recipient of a significant growth in short interest during the month of February. As of February 27th, there was short interest totaling 237,387 shares, a growth of 742.5% from the February 12th total of 28,177 shares. Approximately 10.7% of the shares of the stock are sold short. Based on an average trading volume of 4,461,437 shares, the days-to-cover ratio is presently 0.1 days. Based on an average trading volume of 4,461,437 shares, the days-to-cover ratio is presently 0.1 days. Approximately 10.7% of the shares of the stock are sold short.

Hedge Funds Weigh In On Abits Group

An institutional investor recently bought a new position in Abits Group stock. FNY Investment Advisers LLC purchased a new position in shares of Abits Group Inc. (NASDAQ:ABTS) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,366 shares of the company’s stock, valued at approximately $30,000. FNY Investment Advisers LLC owned 0.14% of Abits Group as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 0.20% of the company’s stock.

Abits Group Stock Performance

NASDAQ:ABTS opened at $2.89 on Thursday. The stock’s 50-day moving average is $3.93 and its 200-day moving average is $5.43. Abits Group has a 1-year low of $1.35 and a 1-year high of $10.86.

Abits Group (NASDAQ:ABTS) last issued its quarterly earnings data on Wednesday, December 10th. The company reported ($0.12) earnings per share (EPS) for the quarter. The company had revenue of $1.61 million for the quarter.

Wall Street Analysts Forecast Growth

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

Abits Group Company Profile

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.