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

Abits Group Inc. (NASDAQ:ABTS) saw a significant increase in short interest in August. As of August 31st, there was short interest totaling 76,264 shares, an increase of 65.8% from the August 15th total of 46,004 shares. Approximately 3.5% of the shares of the company are short sold. Based on an average trading volume of 95,885 shares, the days-to-cover ratio is currently 0.8 days.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Abits Group in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Abits Group has a consensus rating of “Sell”.

Abits Group Trading Down 2.8%

Shares of Abits Group stock opened at $1.39 on Thursday. The firm has a 50-day simple moving average of $1.30 and a two-hundred day simple moving average of $1.46. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.05. Abits Group has a fifty-two week low of $0.76 and a fifty-two week high of $10.86.

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.