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 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. Based on an average daily volume of 7,683,718 shares, the days-to-cover ratio is currently 0.3 days. Currently, 27.0% of the company’s shares are sold short.

BTC Digital Stock Down 2.5%

Shares of NASDAQ BTCT traded down $0.02 during trading on Friday, reaching $0.93. The company had a trading volume of 153,290 shares, compared to its average volume of 4,427,911. BTC Digital has a 12-month low of $0.61 and a 12-month high of $4.79. The company has a quick ratio of 7.79, a current ratio of 7.79 and a debt-to-equity ratio of 0.01. The business’s 50-day moving average is $1.14 and its 200 day moving average is $1.28. The stock has a market cap of $8.84 million, a PE ratio of -0.77 and a beta of 5.40.

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BTCT. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of BTC Digital in a research note on Wednesday, June 24th. Zacks Research raised shares of BTC Digital to a “hold” rating in a research note on Monday, May 18th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, BTC Digital presently has a consensus rating of “Reduce”.

About BTC Digital

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.