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

Abits Group Inc. (NASDAQ:ABTS) saw a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 79,577 shares, a decline of 66.5% from the February 26th total of 237,387 shares. Approximately 3.6% of the shares of the stock are sold short. Based on an average daily volume of 26,849 shares, the short-interest ratio is presently 3.0 days.

Abits Group Stock Performance

Shares of NASDAQ ABTS opened at $2.20 on Thursday. The stock’s fifty day simple moving average is $3.33 and its 200 day simple moving average is $5.36. Abits Group has a 52-week low of $1.35 and a 52-week high of $10.86.

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 position in Abits Group Inc. (NASDAQ:ABTS) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 18,720 shares of the company’s stock, valued at approximately $169,000. Citadel Advisors LLC owned approximately 0.79% of Abits Group at the end of the most recent quarter. 0.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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.