Bit Origin Limited (NASDAQ:BTOG) Sees Large Drop in Short Interest

Bit Origin Limited (NASDAQ:BTOG) was the target of a large drop in short interest during the month of January. As of January 30th, there was short interest totaling 50,943 shares, a drop of 85.3% from the January 15th total of 345,725 shares. Approximately 5.2% of the shares of the company are sold short. Based on an average daily trading volume, of 165,920 shares, the days-to-cover ratio is presently 0.3 days. Based on an average daily trading volume, of 165,920 shares, the days-to-cover ratio is presently 0.3 days. Approximately 5.2% of the shares of the company are sold short.

Bit Origin Price Performance

Shares of BTOG stock opened at $2.91 on Wednesday. Bit Origin has a 1 year low of $2.50 and a 1 year high of $60.60. The firm’s fifty day simple moving average is $9.40 and its 200 day simple moving average is $18.16.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Bit Origin from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Weiss Ratings reissued a “sell (e+)” rating on shares of Bit Origin in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Bit Origin currently has an average rating of “Sell”.

Bit Origin Company Profile

Bit Origin Ltd, through its subsidiaries, engages in the cryptocurrency mining business in the United States. It is also involved in deploying blockchain technologies. The company was formerly known as China Xiangtai Food Co, Ltd. and changed its name to Bit Origin Ltd in April 2022. Bit Origin Ltd was incorporated in 2018 and is based in Singapore, Singapore.