Abits Group (NASDAQ:ABTS) Trading Down 5.9% – Time to Sell?

Shares of Abits Group Inc. (NASDAQ:ABTS) traded down 5.9% during trading on Friday . The company traded as low as $2.65 and last traded at $2.70. 830 shares changed hands during trading, a decline of 87% from the average session volume of 6,401 shares. The stock had previously closed at $2.87.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated 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 data from MarketBeat, the stock currently has an average rating of “Sell”.

Abits Group Trading Down 5.9%

The company has a 50 day moving average of $4.97 and a two-hundred day moving average of $5.59.

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

Institutional Trading of Abits Group

A hedge fund recently bought a new stake in Abits Group stock. Citadel Advisors LLC purchased a new position in Abits Group Inc. (NASDAQ:ABTS) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 18,720 shares of the company’s stock, valued at approximately $169,000. Citadel Advisors LLC owned about 0.79% of Abits Group as of its most recent filing with the Securities & 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.