Bit Origin Limited (NASDAQ:BTOG) Sees Significant Drop in Short Interest

Bit Origin Limited (NASDAQ:BTOG) was the recipient of a large decline in short interest during the month of July. As of July 31st, there was short interest totaling 14,311 shares, a decline of 83.9% from the July 15th total of 88,708 shares. Based on an average daily trading volume, of 657,401 shares, the short-interest ratio is presently 0.0 days. Approximately 1.5% of the shares of the company are short sold.

Hedge Funds Weigh In On Bit Origin

An institutional investor recently raised its position in Bit Origin stock. Virtu Financial LLC boosted its position in Bit Origin Limited (NASDAQ:BTOG) by 476.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 146,491 shares of the company’s stock after buying an additional 121,066 shares during the quarter. Virtu Financial LLC owned approximately 14.95% of Bit Origin worth $25,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 1.07% of the company’s stock.

Bit Origin Price Performance

Shares of NASDAQ:BTOG traded down $0.01 during midday trading on Thursday, reaching $0.82. The company had a trading volume of 76,018 shares, compared to its average volume of 670,891. The company’s 50 day moving average price is $1.26 and its 200 day moving average price is $2.03. Bit Origin has a 52-week low of $0.62 and a 52-week high of $33.34.

Bit Origin (NASDAQ:BTOG) last posted its quarterly earnings data on Tuesday, June 30th. The company reported ($6.67) earnings per share (EPS) for the quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Bit Origin in a research report on Friday, May 15th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of “Sell”.

Bit Origin Company Profile

Bit Origin Ltd, through its subsidiaries, engages in the cryptocurrency mining business in the United States. It is also involved in deploying blockchain technologies. The company was formerly known as China Xiangtai Food Co, Ltd. and changed its name to Bit Origin Ltd in April 2022. Bit Origin Ltd was incorporated in 2018 and is based in Singapore, Singapore.