BTC Digital Ltd. (NASDAQ:BTCT) Sees Significant Increase in Short Interest

BTC Digital Ltd. (NASDAQ:BTCT) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 2,560,520 shares, a growth of 601.0% from the June 15th total of 365,264 shares. Approximately 27.0% of the shares of the company are sold short. Based on an average daily volume of 7,683,718 shares, the days-to-cover ratio is currently 0.3 days.

Analysts Set New Price Targets

BTCT has been the topic of several recent research reports. Zacks Research upgraded BTC Digital to a “hold” rating in a research report on Monday, May 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of BTC Digital in a research report on Wednesday, June 24th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce”.

BTC Digital Price Performance

Shares of NASDAQ BTCT traded down $0.04 during mid-day trading on Monday, reaching $0.89. The company had a trading volume of 109,677 shares, compared to its average volume of 788,424. The firm has a market cap of $8.47 million, a price-to-earnings ratio of -0.75 and a beta of 5.40. The business’s 50-day simple moving average is $1.14 and its 200 day simple moving average is $1.27. BTC Digital has a one year low of $0.61 and a one year high of $4.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.79 and a current ratio of 7.79.

BTC Digital (NASDAQ:BTCT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.21) earnings per share for the quarter. The company had revenue of $4.16 million for the quarter.

BTC Digital Company Profile

BTC Digital Ltd. a crypto asset technology company engages in bitcoin mining business. It is also involved in mining machines resale and rental business. The company was formerly known as Meten Holding Group Ltd. and changed its name to BTC Digital Ltd. in August 2023. The company was founded in 2006 and is headquartered in Shenzhen, China.