Abits Group Inc. (NASDAQ:ABTS) Short Interest Down 80.6% in May

Abits Group Inc. (NASDAQ:ABTS) saw a large decrease in short interest during the month of May. As of May 15th, there was short interest totaling 83,600 shares, a decrease of 80.6% from the April 30th total of 429,898 shares. Currently, 3.8% of the company’s shares are sold short. Based on an average trading volume of 245,525 shares, the days-to-cover ratio is currently 0.3 days.

Hedge Funds Weigh In On Abits Group

An institutional investor recently bought a new position in Abits Group stock. FNY Investment Advisers LLC acquired a new position in Abits Group Inc. (NASDAQ:ABTS) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,366 shares of the company’s stock, valued at approximately $30,000. FNY Investment Advisers LLC owned 0.14% of Abits Group at the end of the most recent reporting period. Institutional investors own 0.20% of the company’s stock.

Abits Group Stock Performance

Shares of ABTS traded up $0.02 during trading hours on Friday, reaching $0.83. 3,584 shares of the company traded hands, compared to its average volume of 708,578. The stock’s fifty day moving average price is $1.36 and its 200 day moving average price is $3.50. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.05. Abits Group has a 12-month low of $0.76 and a 12-month high of $10.86.

Abits Group (NASDAQ:ABTS) last issued its earnings results on Wednesday, April 29th. The company reported ($0.53) EPS for the quarter. The business had revenue of $2.57 million for the quarter.

Abits Group Company Profile

Abits Group Inc operates in the bitcoin mining business in the United States. The company was formerly known as Moxian (BVI) Inc and changed its name to Abits Group Inc in November 2023. Abits Group Inc was incorporated in 2021 and is based in Causeway Bay, Hong Kong.