Short Interest in Abits Group Inc. (NASDAQ:ABTS) Declines By 29.0%

Abits Group Inc. (NASDAQ:ABTS) was the recipient of a significant drop in short interest in March. As of March 31st, there was short interest totaling 56,486 shares, a drop of 29.0% from the March 15th total of 79,577 shares. Approximately 2.6% of the company’s stock are sold short. Based on an average trading volume of 19,100 shares, the days-to-cover ratio is currently 3.0 days.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Abits Group

A hedge fund recently bought a new stake in Abits Group stock. FNY Investment Advisers LLC purchased a new stake in Abits Group Inc. (NASDAQ:ABTS) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 SEC filing. 0.20% of the stock is currently owned by hedge funds and other institutional investors.

Abits Group Stock Down 1.8%

Shares of ABTS opened at $1.12 on Thursday. The firm’s 50 day moving average price is $2.35 and its 200 day moving average price is $4.89. Abits Group has a twelve month low of $1.06 and a twelve month high of $10.86.

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.