BTCS Inc. (NASDAQ:BTCS) Stock Short Interest Declines 40.9%

BTCS Inc. (NASDAQ:BTCS) saw 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 daily volume of 1,945,479 shares, the days-to-cover ratio is currently 0.8 days. Currently, 3.7% of the shares of the stock are sold short.

BTCS Stock Down 6.2%

Shares of BTCS stock traded down $0.07 on Friday, reaching $1.13. 827,000 shares of the company’s stock traded hands, compared to its average volume of 1,518,655. The business’s 50 day moving average price is $1.36 and its two-hundred day moving average price is $1.40. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.06. The company has a market capitalization of $59.29 million, a P/E ratio of -0.34 and a beta of 3.29. BTCS has a 12-month low of $0.96 and a 12-month high of $4.47.

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

Institutional Investors Weigh In On BTCS

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP bought a new position in BTCS during the second quarter valued at approximately $30,000. Bank of New York Mellon Corp acquired a new stake in BTCS in the second quarter valued at approximately $80,000. Finally, Renaissance Technologies LLC lifted its stake in BTCS by 192.4% in 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 last quarter. Hedge funds and other institutional investors own 3.48% of the company’s stock.

Wall Street Analyst Weigh In

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

About BTCS

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.