BTC Development (NASDAQ:BDCI) Shares Down 0.1% – Here’s Why

BTC Development Corp. (NASDAQ:BDCI)’s share price was down 0.1% on Thursday . The stock traded as low as $10.02 and last traded at $10.02. Approximately 5,424 shares were traded during trading, a decline of 84% from the average daily volume of 34,838 shares. The stock had previously closed at $10.03.

Analyst Ratings Changes

BDCI has been the topic of several research reports. Wall Street Zen upgraded BTC Development to a “hold” rating in a report on Tuesday, December 9th. Weiss Ratings initiated coverage on BTC Development in a research note on Monday, January 12th. They set a “sell (e)” rating on the stock. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell”.

BTC Development Stock Up 0.1%

The business’s 50-day moving average price is $10.05.

Institutional Investors Weigh In On BTC Development

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. acquired a new stake in shares of BTC Development during the fourth quarter valued at about $10,010,000. Verition Fund Management LLC acquired a new position in shares of BTC Development in the 4th quarter worth approximately $8,204,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of BTC Development during the 4th quarter worth approximately $7,511,000. Berkley W R Corp acquired a new stake in BTC Development in the 4th quarter valued at approximately $2,604,000. Finally, Marshall Wace LLP purchased a new stake in BTC Development in the fourth quarter valued at approximately $1,002,000.

BTC Development Company Profile

We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination involving one or more businesses or assets, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited to organizational activities as well as activities related to this offering. We have not identified any acquisition target and we have not, nor has anyone on our behalf, initiated any discussions, directly or indirectly, with respect to identifying any acquisition target.