BTCS Inc. (NASDAQ:BTCS) Sees Significant Decline in Short Interest

BTCS Inc. (NASDAQ:BTCS) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 65,900 shares, a decline of 32.5% from the October 15th total of 97,700 shares. Currently, 0.7% of the company’s stock are short sold. Based on an average trading volume of 115,300 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Investors Weigh In On BTCS

A hedge fund recently bought a new position in BTCS stock. Heron Bay Capital Management acquired a new stake in shares of BTCS Inc. (NASDAQ:BTCS) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 44,435 shares of the company’s stock, valued at approximately $61,000. Heron Bay Capital Management owned about 0.28% of BTCS at the end of the most recent quarter. 3.48% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a “buy” rating and set a $3.00 price target on shares of BTCS in a research report on Thursday, August 22nd.

BTCS Price Performance

BTCS stock traded up $0.76 during mid-day trading on Thursday, reaching $4.93. 38,075,734 shares of the company traded hands, compared to its average volume of 824,846. The company has a fifty day moving average price of $1.30 and a 200-day moving average price of $1.40. BTCS has a 52-week low of $0.95 and a 52-week high of $5.41. The company has a market capitalization of $81.46 million, a P/E ratio of 11.98 and a beta of 1.55.

BTCS (NASDAQ:BTCS) last released its earnings results on Monday, August 19th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The business had revenue of $0.56 million for the quarter, compared to analysts’ expectations of $0.40 million. BTCS had a negative return on equity of 13.94% and a net margin of 993.08%. As a group, analysts forecast that BTCS will post -0.08 EPS for the current year.

BTCS Company Profile

BTCS Inc operates in blockchain technology sector the United States. Its blockchain-infrastructure secures and operates validator nodes on disruptive blockchain networks, as well as validates transactions for crypto holding delegations on dPoS blockchains. The company offers StakeSeeker, a cryptocurrency dashboard and staking-as-a-service platform that allows crypto asset holders to earn rewards by participating in network consensus mechanisms; and Builder+, a Ethereum block builder offered to maximize validator earnings by utilizing algorithms to construct optimized blocks for on-chain validation.