BIT Mining Limited (NYSE:BTCM) Sees Significant Decline in Short Interest

BIT Mining Limited (NYSE:BTCM) was the target of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 98,200 shares, a decline of 20.8% from the January 15th total of 124,000 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average trading volume of 251,400 shares, the short-interest ratio is currently 0.4 days.

Institutional Investors Weigh In On BIT Mining

An institutional investor recently bought a new position in BIT Mining stock. SBI Securities Co. Ltd. acquired a new stake in BIT Mining Limited (NYSE:BTCM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 22,964 shares of the company’s stock, valued at approximately $58,000. SBI Securities Co. Ltd. owned about 0.15% of BIT Mining at the end of the most recent reporting period. 5.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “neutral” rating on shares of BIT Mining in a research note on Thursday, December 5th.

BIT Mining Price Performance

BTCM traded up $0.05 on Friday, reaching $2.43. 34,163 shares of the stock were exchanged, compared to its average volume of 75,480. The company’s 50-day moving average price is $2.76 and its 200 day moving average price is $2.61. The firm has a market capitalization of $36.56 million, a PE ratio of -1.85 and a beta of 2.56. BIT Mining has a fifty-two week low of $1.79 and a fifty-two week high of $4.88.

BIT Mining Company Profile

BIT Mining Limited operates as a cryptocurrency mining company in the Mainland China, the United States, and Hong Kong. The company operates in two segments: Data Center and Cryptocurrency Mining. It operates a cryptocurrency mining data center in Ohio with power capacity of 82.5 megawatts; and purchases and deploys bitcoin mining machines.