Abits Group (NASDAQ:ABTS) Shares Up 2.7% – What’s Next?

Shares of Abits Group Inc. (NASDAQ:ABTS) shot up 2.7% during mid-day trading on Thursday. The company traded as high as $0.4198 and last traded at $0.40. Approximately 662,830 shares were traded during trading, an increase of 518% from the average daily volume of 107,198 shares. The stock had previously closed at $0.3896.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Abits Group from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, October 13th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Abits Group Stock Performance

The business’s 50 day moving average price is $1.22 and its 200 day moving average price is $1.70.

Abits Group (NASDAQ:ABTS) last posted its quarterly earnings data on Thursday, October 15th. The company reported ($0.40) earnings per share (EPS) for the quarter. The company had revenue of $1.60 million during the quarter.

About Abits Group

Abits Group Inc is a digital asset infrastructure company focused primarily on Bitcoin mining. The company develops and operates cryptocurrency mining activities using specialized application-specific integrated circuit (ASIC) hardware and related data-center infrastructure.

Its business includes deploying mining equipment, managing computing and power resources, and supporting the operational infrastructure required to validate transactions on the Bitcoin network. Abits Group has also pursued opportunities to expand and improve its mining capacity through equipment acquisitions and data-center development.

The company was formerly known as MGT Capital Investments, Inc and adopted the Abits Group name as it developed its focus on digital asset mining.