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

Abits Group Inc. (NASDAQ:ABTS) was the recipient of a significant increase in short interest in the month of February. As of February 27th, there was short interest totaling 237,387 shares, an increase of 742.5% from the February 12th total of 28,177 shares. Currently, 10.7% of the shares of the stock are sold short. Based on an average trading volume of 4,461,437 shares, the short-interest ratio is presently 0.1 days. Based on an average trading volume of 4,461,437 shares, the short-interest ratio is presently 0.1 days. Currently, 10.7% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Abits Group in a report on Wednesday, January 21st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Abits Group currently has a consensus rating of “Sell”.

Abits Group Stock Performance

Abits Group stock opened at $2.91 on Wednesday. Abits Group has a 1 year low of $1.35 and a 1 year high of $10.86. The firm’s 50 day moving average price is $3.98 and its two-hundred day moving average price is $5.45.

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

Institutional Trading of Abits Group

An institutional investor recently bought a new position in Abits Group stock. Citadel Advisors LLC bought a new position in Abits Group Inc. (NASDAQ:ABTS) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 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 institutional investors and hedge funds.

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.