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

Abits Group Inc. (NASDAQ:ABTS) was the target of a significant growth in short interest in the month of April. As of April 30th, there was short interest totaling 429,898 shares, a growth of 808.8% from the April 15th total of 47,304 shares. Based on an average daily trading volume, of 2,403,667 shares, the short-interest ratio is presently 0.2 days. Currently, 19.5% of the shares of the company are sold short.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Abits Group stock. FNY Investment Advisers LLC bought a new stake in shares of Abits Group Inc. (NASDAQ:ABTS) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,366 shares of the company’s stock, valued at approximately $30,000. FNY Investment Advisers LLC owned 0.14% of Abits Group at the end of the most recent reporting period. 0.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Abits Group Stock Performance

Shares of NASDAQ:ABTS traded down $0.00 on Tuesday, hitting $0.92. 66,315 shares of the company were exchanged, compared to its average volume of 797,802. Abits Group has a 1-year low of $0.82 and a 1-year high of $10.86. The stock’s 50 day moving average price is $1.84 and its 200 day moving average price is $4.06. 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 (NASDAQ:ABTS) last posted its quarterly earnings data on Wednesday, April 29th. The company reported ($0.53) EPS for the quarter. The firm had revenue of $2.57 million for the quarter.

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.