BTCS Inc. (NASDAQ:BTCS) Stock Short Interest Rises 92.4%

BTCS Inc. (NASDAQ:BTCS) was the recipient of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 3,081,344 shares, an increase of 92.4% from the September 30th total of 1,601,316 shares. Based on an average daily volume of 1,086,466 shares, the short-interest ratio is currently 2.8 days. Approximately 7.1% of the shares of the company are short sold.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of BTCS from a “hold (c)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, BTCS currently has a consensus rating of “Hold” and a consensus price target of $5.00.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Engineers Gate Manager LP acquired a new stake in shares of BTCS in the 2nd quarter valued at $30,000. Bank of New York Mellon Corp acquired a new stake in shares of BTCS during the 2nd quarter worth about $80,000. Finally, Renaissance Technologies LLC lifted its holdings in BTCS by 192.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,057,100 shares of the company’s stock valued at $1,469,000 after purchasing an additional 695,555 shares during the last quarter. 3.48% of the stock is currently owned by institutional investors and hedge funds.

BTCS Price Performance

NASDAQ:BTCS traded down $0.01 during mid-day trading on Monday, hitting $1.02. The company’s stock had a trading volume of 507,690 shares, compared to its average volume of 1,108,570. The company has a market capitalization of $53.78 million, a price-to-earnings ratio of -0.31 and a beta of 3.32. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.20. BTCS has a fifty-two week low of $0.96 and a fifty-two week high of $3.74. The stock has a fifty day moving average of $1.34 and a 200-day moving average of $1.53.

BTCS (NASDAQ:BTCS) last released its quarterly earnings data on Wednesday, August 19th. The company reported ($0.70) earnings per share for the quarter. BTCS had a negative net margin of 746.29% and a negative return on equity of 14.40%. The company had revenue of $2.45 million during the quarter.

About BTCS

BTCS Inc (NASDAQ: BTCS) is a blockchain technology company focused primarily on the Ethereum ecosystem. The company seeks to build and operate blockchain infrastructure that supports network security, transaction validation and participation in decentralized networks.

BTCS’s activities include operating Ethereum validator nodes and pursuing blockchain-related infrastructure and staking opportunities. Through these operations, the company participates in the proof-of-stake process that helps secure and maintain supported blockchain networks.