Abits Group Inc. (NASDAQ:ABTS) Shares Shorted: Short Interest Down 41.6% in September

Abits Group Inc. (NASDAQ:ABTS) was the recipient of a large decrease in short interest in September. As of September 30th, there was short interest totaling 28,306 shares, a decrease of 41.6% from the September 15th total of 48,481 shares. Based on an average daily trading volume, of 168,104 shares, the days-to-cover ratio is currently 0.2 days. Currently, 1.3% of the shares of the stock are short sold.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded Abits Group from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. One research analyst has rated the stock with a Sell rating. According to MarketBeat, Abits Group presently has a consensus rating of “Sell”.

Abits Group Stock Up 0.8%

Abits Group stock opened at $1.20 on Friday. Abits Group has a 12-month low of $0.76 and a 12-month high of $9.16. The firm’s 50-day moving average is $1.31 and its two-hundred day moving average is $1.26.

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

About Abits Group

Abits Group Inc is a bitcoin mining company that develops and operates digital-asset mining infrastructure. Its principal business involves deploying specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin rewards.

The company focuses on building and managing mining operations, including data-center infrastructure, power arrangements, and related operational capabilities. Its activities are centered on the United States, with an emphasis on expanding scalable and energy-efficient mining capacity.

Abits Group was formerly known as Moxian (BVI) Inc and adopted its current name in 2023 as it shifted its corporate focus toward cryptocurrency mining.