Abits Group (NASDAQ:ABTS) Trading Down 5.9% – Should You Sell?

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

Wall Street Analyst Weigh In

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

Abits Group Stock Down 5.9%

The firm’s 50 day simple moving average is $4.97 and its 200 day simple moving average is $5.59.

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

Institutional Investors Weigh In On Abits Group

A hedge fund recently bought a new stake in Abits Group stock. FNY Investment Advisers LLC bought a new stake in Abits Group Inc. (NASDAQ:ABTS) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,366 shares of the company’s stock, valued at approximately $30,000. FNY Investment Advisers LLC owned approximately 0.14% of Abits Group as of its most recent SEC filing. 0.20% of the stock is currently owned by 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.