BTC Development Corp. (NASDAQ:BDCI) Short Interest Down 43.2% in July

Key Points

• Short interest fell 43.2% to 1,747 shares as of July 31, representing approximately 0.0% of BDCI’s outstanding shares and a short-interest ratio of 0.0 days.
• BTC Development retains a consensus “Sell” rating, with Weiss Ratings recently upgrading its assessment from “sell (e+)” to “sell (d-).”
• BDCI shares traded at $10.10, with a market capitalization of approximately $306.4 million, while several institutional investors—including StoneX Group and Boothbay Fund Management—established new positions.

BTC Development Corp. (NASDAQ:BDCI - Get Free Report) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 1,747 shares, a decline of 43.2% from the July 15th total of 3,076 shares. Approximately 0.0% of the shares of the company are short sold. Based on an average daily trading volume, of 39,408 shares, the short-interest ratio is currently 0.0 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised BTC Development from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, BTC Development has a consensus rating of "Sell".

Hedge Funds Weigh In On BTC Development

Hedge funds and other institutional investors have recently made changes to their positions in the business. ABC Arbitrage SA bought a new stake in BTC Development in the fourth quarter valued at about $200,000. Picton Mahoney Asset Management bought a new position in BTC Development during the fourth quarter worth about $200,000. Crossingbridge Advisors LLC bought a new position in BTC Development during the fourth quarter worth about $250,000. Boothbay Fund Management LLC acquired a new stake in BTC Development during the fourth quarter valued at approximately $350,000. Finally, StoneX Group Inc. acquired a new stake in BTC Development during the fourth quarter valued at approximately $526,000.

BTC Development Price Performance

Shares of BDCI traded up $0.01 on Monday, reaching $10.10. 64,350 shares of the stock traded hands, compared to its average volume of 39,598. The firm has a market cap of $306.38 million and a price-to-earnings ratio of 40.42. BTC Development has a 12 month low of $9.96 and a 12 month high of $10.26. The stock's 50-day moving average price is $10.08 and its 200-day moving average price is $10.04.

BTC Development (NASDAQ:BDCI - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported $0.05 EPS for the quarter.

BTC Development Company Profile

We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination involving one or more businesses or assets, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited to organizational activities as well as activities related to this offering. We have not identified any acquisition target and we have not, nor has anyone on our behalf, initiated any discussions, directly or indirectly, with respect to identifying any acquisition target.

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