Abits Group Inc. (NASDAQ:ABTS) Sees Significant Decline in Short Interest

Abits Group Inc. (NASDAQ:ABTS) saw a significant decrease in short interest during the month of May. As of May 15th, there was short interest totaling 83,600 shares, a decrease of 80.6% from the April 30th total of 429,898 shares. Approximately 3.8% of the shares of the stock are sold short. Based on an average daily volume of 245,525 shares, the short-interest ratio is currently 0.3 days.

Abits Group Stock Down 6.6%

Shares of NASDAQ:ABTS opened at $0.82 on Thursday. The business has a fifty day moving average of $1.39 and a 200-day moving average of $3.54. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.33 and a current ratio of 0.33. Abits Group has a twelve month low of $0.76 and a twelve month high of $10.86.

Abits Group (NASDAQ:ABTS) last issued its quarterly earnings results on Wednesday, April 29th. The company reported ($0.53) earnings per share (EPS) for the quarter. The company had revenue of $2.57 million for the quarter.

Hedge Funds Weigh In On Abits Group

A hedge fund recently bought a new stake in Abits Group stock. Citadel Advisors LLC purchased a new stake in shares of Abits Group Inc. (NASDAQ:ABTS) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,720 shares of the company’s stock, valued at approximately $169,000. Citadel Advisors LLC owned about 0.79% of Abits Group at the end of the most recent reporting period. 0.20% of the stock is currently owned by hedge funds and other institutional investors.

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.