BIT Mining Limited (NYSE:BTCM) Sees Significant Decrease in Short Interest

BIT Mining Limited (NYSE:BTCM) was the target of a large drop in short interest in August. As of August 15th, there was short interest totalling 350,300 shares, a drop of 6.0% from the July 31st total of 372,500 shares. Based on an average daily volume of 164,400 shares, the short-interest ratio is currently 2.1 days. Approximately 3.3% of the shares of the stock are short sold.

BIT Mining Stock Performance

Shares of NYSE:BTCM opened at $2.79 on Friday. BIT Mining has a one year low of $1.40 and a one year high of $5.49. The stock has a market cap of $29.68 million, a PE ratio of -0.19 and a beta of 2.85. The business’s fifty day moving average price is $3.26 and its two-hundred day moving average price is $2.91.

BIT Mining (NYSE:BTCM) last released its earnings results on Tuesday, May 30th. The company reported ($0.39) earnings per share (EPS) for the quarter. The firm had revenue of $72.87 million during the quarter. BIT Mining had a negative net margin of 49.66% and a negative return on equity of 61.29%. As a group, equities research analysts predict that BIT Mining will post -1.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BIT Mining

A number of institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its holdings in shares of BIT Mining by 2,768.8% in the 2nd quarter. Renaissance Technologies LLC now owns 521,169 shares of the company’s stock valued at $323,000 after purchasing an additional 503,002 shares during the last quarter. Vident Investment Advisory LLC acquired a new position in BIT Mining in the first quarter valued at $941,000. Millennium Management LLC acquired a new stake in BIT Mining during the second quarter worth about $82,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of BIT Mining by 88.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 225,049 shares of the company’s stock worth $628,000 after purchasing an additional 105,644 shares during the period. Finally, Jane Street Group LLC lifted its stake in shares of BIT Mining by 390.4% in the 2nd quarter. Jane Street Group LLC now owns 122,745 shares of the company’s stock valued at $76,000 after purchasing an additional 97,715 shares in the last quarter. 3.63% of the stock is currently owned by hedge funds and other institutional investors.

About BIT Mining

BIT Mining Limited operates as a cryptocurrency mining company. The company operates through three segments: Mining Pool, Data Center, and Cryptocurrency Mining. It operates a cryptocurrency mining data center in Ohio with power capacity of 82.5 megawatts; and mining pool business, including the domain name and the cryptocurrency wallet of BTC.com, as well as purchases and deploys bitcoin mining machines.