Abits Group Inc. (NASDAQ:ABTS) Stock Short Interest Declines 41.6%

Abits Group Inc. (NASDAQ:ABTS) was the recipient of a large decrease in short interest in September. As of September 30th, there was short interest totaling 28,306 shares, a decrease of 41.6% from the September 15th total of 48,481 shares. Based on an average daily trading volume, of 168,104 shares, the days-to-cover ratio is currently 0.2 days. Approximately 1.3% of the shares of the company are sold short.

Abits Group Price Performance

Shares of NASDAQ:ABTS remained flat at $1.18 on Friday. 6,132 shares of the company’s stock were exchanged, compared to its average volume of 29,012. The company’s fifty day moving average price is $1.31 and its two-hundred day moving average price is $1.26. Abits Group has a 1 year low of $0.76 and a 1 year high of $9.16.

Abits Group (NASDAQ:ABTS) last released its quarterly earnings results on Thursday, October 15th. The company reported ($0.40) earnings per share for the quarter. The firm had revenue of $1.60 million for the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Abits Group from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, Abits Group has an average rating of “Sell”.

Abits Group Company Profile

Abits Group Inc is a bitcoin mining company that develops and operates digital-asset mining infrastructure. Its principal business involves deploying specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin rewards.

The company focuses on building and managing mining operations, including data-center infrastructure, power arrangements, and related operational capabilities. Its activities are centered on the United States, with an emphasis on expanding scalable and energy-efficient mining capacity.

Abits Group was formerly known as Moxian (BVI) Inc and adopted its current name in 2023 as it shifted its corporate focus toward cryptocurrency mining.