BTC Digital Ltd. (NASDAQ:BTCT) Sees Large Decline in Short Interest

BTC Digital Ltd. (NASDAQ:BTCT) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totaling 200,300 shares, a drop of 95.2% from the September 15th total of 4,149,645 shares. Based on an average daily volume of 4,920,560 shares, the short-interest ratio is currently 0.0 days. Currently, 2.1% of the company’s shares are sold short.

BTC Digital Trading Down 3.8%

Shares of NASDAQ:BTCT traded down $0.04 during mid-day trading on Friday, reaching $1.01. The stock had a trading volume of 556,404 shares, compared to its average volume of 3,888,938. The firm has a 50 day simple moving average of $1.19 and a two-hundred day simple moving average of $1.13. BTC Digital has a twelve month low of $0.43 and a twelve month high of $3.10. The firm has a market cap of $9.62 million, a PE ratio of -0.84 and a beta of 5.80.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of BTC Digital in a research note on Monday, September 21st. Wall Street Zen upgraded BTC Digital to a “hold” rating in a report on Saturday, September 5th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce”.

BTC Digital Company Profile

BTC Digital Limited (NASDAQ: BTCT) is a digital asset technology company focused primarily on cryptocurrency mining and related infrastructure services. Its activities include bitcoin mining, cryptocurrency mining machine hosting, equipment management and maintenance, and other services that support digital asset mining operations.

The company’s business developed from its earlier operations as Meten Holding Group Ltd., a China-based provider of English-language training and educational services.