Abits Group Inc. (NASDAQ:ABTS) Sees Large Decrease in Short Interest

Abits Group Inc. (NASDAQ:ABTS) saw a large decline in short interest in January. As of January 30th, there was short interest totaling 33,431 shares, a decline of 12.7% from the January 15th total of 38,296 shares. Approximately 1.5% of the company’s stock are sold short. Based on an average daily volume of 7,963 shares, the short-interest ratio is presently 4.2 days. Based on an average daily volume of 7,963 shares, the short-interest ratio is presently 4.2 days. Approximately 1.5% of the company’s stock are sold short.

Abits Group Trading Down 5.9%

Shares of ABTS stock opened at $2.70 on Tuesday. The company has a 50 day moving average price of $4.90 and a 200-day moving average price of $5.60. Abits Group has a 52 week low of $1.35 and a 52 week high of $10.86.

Abits Group (NASDAQ:ABTS) last issued its earnings results 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 Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Abits Group in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.

Institutional Trading of Abits Group

An institutional investor recently raised its position in Abits Group stock. FNY Investment Advisers LLC grew its holdings in Abits Group Inc. (NASDAQ:ABTS) by 138.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,035 shares of the company’s stock after acquiring an additional 4,669 shares during the period. FNY Investment Advisers LLC owned 0.34% of Abits Group worth $41,000 as of its most recent SEC filing. Institutional investors and hedge funds own 0.20% of the company’s stock.

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.