Abits Group Inc. (NASDAQ:ABTS) Sees Significant Increase in Short Interest
by Doug Wharley · The Cerbat GemAbits Group Inc. (NASDAQ:ABTS – Get Free Report) saw a significant growth in short interest during the month of April. As of April 30th, there was short interest totaling 429,898 shares, a growth of 808.8% from the April 15th total of 47,304 shares. Based on an average daily volume of 2,403,667 shares, the days-to-cover ratio is currently 0.2 days. Currently, 19.5% of the shares of the company are short sold.
Abits Group Trading Down 4.4%
Shares of Abits Group stock traded down $0.04 on Wednesday, hitting $0.93. 20,531 shares of the company’s stock were exchanged, compared to its average volume of 789,624. The company has a 50-day simple moving average of $1.80 and a 200-day simple moving average of $4.02. Abits Group has a 1 year low of $0.82 and a 1 year high of $10.86. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.05.
Abits Group (NASDAQ:ABTS – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported ($0.53) earnings per share for the quarter. The firm had revenue of $2.57 million for the quarter.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings restated 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 MarketBeat.com, the company has a consensus rating of “Sell”.
Institutional Inflows and Outflows
A hedge fund recently bought a new stake in Abits Group stock. Citadel Advisors LLC bought a new stake in shares of Abits Group Inc. (NASDAQ:ABTS – Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 18,720 shares of the company’s stock, valued at approximately $169,000. Citadel Advisors LLC owned approximately 0.79% of Abits Group as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 0.20% of the company’s stock.
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.