BTCS Inc. (NASDAQ:BTCS) Sees Large Decrease in Short Interest

BTCS Inc. (NASDAQ:BTCS) was the recipient of a large drop in short interest in the month of September. As of September 30th, there was short interest totaling 1,601,316 shares, a drop of 40.9% from the September 15th total of 2,709,626 shares. Based on an average trading volume of 1,945,479 shares, the days-to-cover ratio is presently 0.8 days. Currently, 3.7% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded BTCS from a “hold (c)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, BTCS presently has a consensus rating of “Hold” and a consensus price target of $5.00.

BTCS Price Performance

Shares of NASDAQ BTCS opened at $1.14 on Thursday. The stock has a market cap of $59.82 million, a P/E ratio of -0.34 and a beta of 3.29. The firm’s 50-day simple moving average is $1.35 and its 200 day simple moving average is $1.40. BTCS has a fifty-two week low of $0.96 and a fifty-two week high of $4.72. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 0.20.

BTCS (NASDAQ:BTCS) last announced its earnings results on Wednesday, August 19th. The company reported ($0.70) earnings per share (EPS) for the quarter. The company had revenue of $2.45 million during the quarter. BTCS had a negative net margin of 746.29% and a negative return on equity of 14.40%.

Institutional Trading of BTCS

A number of hedge funds and other institutional investors have recently made changes to their positions in BTCS. Engineers Gate Manager LP acquired a new stake in shares of BTCS in the 2nd quarter worth approximately $30,000. Bank of New York Mellon Corp bought a new position in shares of BTCS in the second quarter valued at approximately $80,000. Finally, Renaissance Technologies LLC increased its stake in shares of BTCS by 192.4% during the first quarter. Renaissance Technologies LLC now owns 1,057,100 shares of the company’s stock valued at $1,469,000 after acquiring an additional 695,555 shares during the period. 3.48% of the stock is currently owned by institutional investors.

BTCS Company Profile

BTCS Inc (NASDAQ: BTCS) is a blockchain technology company focused on supporting and securing blockchain networks. The company’s primary activities include operating blockchain validator nodes and participating in network staking, with a particular emphasis on the Ethereum ecosystem.

Through its blockchain infrastructure operations, BTCS helps validate transactions and maintain network security while earning blockchain-based rewards. The company has also pursued tools and services designed to support digital-asset management, decentralized finance, and the broader adoption of blockchain technology.

BTCS was originally established as The Bitcoin Shop and later adopted its current name as its business strategy evolved toward blockchain infrastructure and digital assets.