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

BTCS Inc. (NASDAQ:BTCS) was the target of a large growth in short interest in January. As of January 31st, there was short interest totalling 650,300 shares, a growth of 94.4% from the January 15th total of 334,500 shares. Currently, 6.0% of the shares of the stock are sold short. Based on an average daily volume of 3,340,000 shares, the days-to-cover ratio is presently 0.2 days.

Analysts Set New Price Targets

Separately, HC Wainwright raised their price objective on shares of BTCS from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, December 24th.

BTCS Stock Performance

NASDAQ:BTCS traded up $0.10 during trading hours on Thursday, reaching $2.79. The company’s stock had a trading volume of 237,226 shares, compared to its average volume of 760,313. The firm has a market capitalization of $47.49 million, a price-to-earnings ratio of 6.81 and a beta of 2.20. BTCS has a 1 year low of $0.95 and a 1 year high of $5.41. The firm has a 50-day simple moving average of $2.95 and a 200-day simple moving average of $2.13.

Insiders Place Their Bets

In other news, Director Melanie Pump sold 22,000 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.49, for a total transaction of $76,780.00. Following the sale, the director now owns 38,735 shares in the company, valued at approximately $135,185.15. This trade represents a 36.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 44.30% of the company’s stock.

Institutional Investors Weigh In On BTCS

A number of large investors have recently added to or reduced their stakes in BTCS. Virtu Financial LLC bought a new stake in shares of BTCS during the 3rd quarter valued at about $27,000. SBI Securities Co. Ltd. bought a new stake in BTCS during the fourth quarter worth about $44,000. Geode Capital Management LLC boosted its stake in BTCS by 10.6% during the fourth quarter. Geode Capital Management LLC now owns 98,019 shares of the company’s stock worth $242,000 after acquiring an additional 9,404 shares in the last quarter. Invesco Ltd. bought a new stake in BTCS during the fourth quarter worth about $294,000. Finally, Renaissance Technologies LLC boosted its stake in BTCS by 242.3% during the fourth quarter. Renaissance Technologies LLC now owns 127,391 shares of the company’s stock worth $315,000 after acquiring an additional 90,171 shares in the last quarter. Institutional investors own 3.48% of the company’s stock.

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.