BTCS Inc. (NASDAQ:BTCS) Sees Significant Growth in Short Interest

BTCS Inc. (NASDAQ:BTCS) was the target of a significant growth in short interest in the month of February. As of February 13th, there was short interest totaling 3,082,842 shares, a growth of 41.8% from the January 29th total of 2,174,511 shares. Approximately 11.5% of the company’s stock are short sold. Based on an average daily volume of 1,381,877 shares, the days-to-cover ratio is currently 2.2 days. Based on an average daily volume of 1,381,877 shares, the days-to-cover ratio is currently 2.2 days. Approximately 11.5% of the company’s stock are short sold.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BTCS. Bank of America Corp DE boosted its position in shares of BTCS by 1,856.8% in the third quarter. Bank of America Corp DE now owns 10,880 shares of the company’s stock valued at $53,000 after acquiring an additional 10,324 shares during the period. SG Americas Securities LLC purchased a new stake in shares of BTCS in the third quarter worth $53,000. Nomura Holdings Inc. purchased a new position in BTCS during the third quarter worth about $58,000. ACT Wealth Management LLC purchased a new stake in shares of BTCS in the 3rd quarter valued at about $58,000. Finally, Thompson Davis & CO. Inc. purchased a new position in shares of BTCS during the third quarter worth about $59,000. Hedge funds and other institutional investors own 3.48% of the company’s stock.

BTCS Stock Performance

Shares of NASDAQ:BTCS traded down $0.09 during midday trading on Tuesday, reaching $1.61. The company had a trading volume of 276,531 shares, compared to its average volume of 845,505. BTCS has a 52-week low of $1.25 and a 52-week high of $8.49. The company’s 50 day moving average price is $2.34 and its 200 day moving average price is $3.39. The company has a current ratio of 4.78, a quick ratio of 4.78 and a debt-to-equity ratio of 0.05. The stock has a market cap of $75.18 million, a P/E ratio of 2.23 and a beta of 3.24.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BTCS. Zacks Research raised BTCS from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 11th. Weiss Ratings restated a “hold (c)” rating on shares of BTCS in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.00.

About BTCS

BTCS, Inc (NASDAQ: BTCS) is a digital asset technology company focused on blockchain infrastructure and related investments. Originally founded in 2012 as Bitcoin Shop, Inc, the company pivoted in 2018 to concentrate on blockchain technology applications, digital asset management and strategic investments in early-stage ventures. BTCS holds a diversified portfolio that includes cryptocurrency mining equipment, digital wallets, and equity stakes in promising blockchain startups.

In its mining operations, BTCS acquires and manages mining hardware to secure blockchain networks and generate newly minted digital tokens.